You don't need to go MTM for this. Their tailor should be able to shorten the jacket. They did for me with my rtw TFs.I don't think Zegna MTM is 2.5k-4k. That's how much their rtw Couture line (who constructs the TF suits) already costs. TF rtw will be about a few hundred more to a grand on average.If you mean "formal" as in true "formal" you want a tuxedo, I think. Otherwise, navy or charcoal will be fine and will look great for evenings.