Definitely. The loss of inhibitions in group shrink scenarios is a favorite theme of mine. All the pretenses of being a grown person with dignity dissappear as their clothes abandon and expose them. This is coupled with how they're all sharing the same shrinking experience, able to confide in each other about how being little makes them feel, increasing the level of intimacy.
It sounds like you already have a plan, but if you're looking for suggestions, maybe something where they end up at different sizes? Like, either they somehow shrink at different paces when they try it again, or some don't grow back all the way. It makes for cute scenes where one might sit in another's lap, or one gets distressed that she might never be big again. In any case, more scenes where they interact with their clothing as they shrink would be amazing. That's my favorite way of conveying smallness.
Feeling their outfits lose their shape and balloon around them, swallowing them up. And seeing how each other looks so ridiculously little in their garments.