It is a real tartan. It's called Black Stewart, and it is actually a symmetrical tartan. You could pleat it to the white stripe bordered by the red in the centre of the sett. I would think you could use two repeats of the pattern per pleat to give it more depth. As for sewing the edges of the pleats, I wouldn't bother. If there are enough pleats, and enough depth to those pleats, it should hang quite nicely.