I've made this with worsted weight (same as yours) and the size 13s, but you may not want to use a needle that large. You can use 11s or 10½, it's supposed to be an open gauge because it's lacey, and not knit as densely as a sweater.
Convert the CO stitches to a measurement, 47@11sts/4" means that it should measure 17". So whatever needle you use, figure out how many sts you neead for 17". You'll have a few more stitches in each section, the 2 fronts together should be 1 less than the back stitches, the 2 k sts between the sections will stay the same. Then do the increase rows the same, but you need to do a few more because you want to end up with enough stitches to measure 25", just like row 7. Then do the rest of the increase rows, until they measure 37" like row 24.
Then making sure your stitches are a multiple of 5 plus 8, begin the lace pattern. Make it to the length you want, do the garter stitch rows and BO.
sue- knitting heretic