My nightmare of nightmares is being overdressed for a casual event - I've done it! You have to have a real sense of what you want to communicate.
A message I've been telling myself: the cinema is very conservative, and unless you have a story that satisfies you, that is within the unchallenging zone, but you love it, you can't do it as cinema. Otherwise, you better go do it for television, which is more daring now.