I go back and forth on this. I get the dinner jacket precedent (1 button is the only correct thing for a SB dinner jacket due to formality / minimalism / etc.), but you could also use this to say that there is a material difference in formality between a suit with cuffed trousers and one sans cuffs. I regard the latter as personal preference, though. Ultimately, the more I think about it, the harder I find it to really think that the existence of a button and buttonhole that never get used down in the crotch area make a jacket less formal. I think I probably could get an odd jacket with 1 button and not be bothered by it (Huntsman has been doing this for a long time).
All that said, I'll probably start by trying this with a suit, then maybe a navy blazer, and see where it goes from there if I like the experiment. I think less clutter adds more to the sleekness of a garment with matching trousers than it would to something that is going to be worn with mid grey flannels anyway.