Not recommended — #28 of 31 Velvet ranks #28 of 31 fabrics for chafe resistance. It is a poor fabric for this. Ranked with a smooth-fibre bonus plus low weight and breathability. The top pick is Silk.
Velvet measures 38/100 for breathability, 8% moisture regain, 65/100 warmth, at 320 gsm. Chafe resistance rewards a smooth, light surface: Velvet has more surface texture at 320 gsm.