Nothing wrong with that. I guess it depends on the character of the event, the school, and you to determine what options you have.
The easiest suggestion that is still likely to be "safe" is to get a really sharp one-button peak lapel suit in a midnight blue/black mohair or sharkskin, something with some sheen to it (not a ton, just some). Pair that with a high spread collar white, or maybe pink or pale sky blue shirt and a black grenadine tie, and white linen handkerchief, and you will have outdressed about 99% of the people in the world for an event like that.
Edit: easy suggestion for me to make. Probably not easy to put together, at least not the suit.