Pretty much. But either way you're probably not doing a good job projecting heterosexuality. Like you've mentioned I think it comes down to how comfortable you feel and look and your mannerisms. A lot of guys who are consciously playing dress up before they go out probably just won't be as comfortable had they just worn something boring but tried and true.
fwiw, I've been hit on by lots of gay men, especially in San Diego (why San Diego?) but no woman has ever thought that I was gay. Maybe I just drip sex. Right?