Wear it and you'd better ride like a god. Everyone, even grandma on her bike with the coaster brake, is going to want to try to drop your flamboyant ass if you're wearing that get-up.
There's a guy who I always used to see skiing up in New England who'd wear a complete Elvis costume on the slopes. Cape and everything (we're talking the '70s, fat, and druged out Elvis period here). Thing is, the guy ripped. He and his amigos (similarly attired in ridiculous garb) would go bashing through insane, technical off-piste tree lines at warp speed. The ticket is you can wear the most vomitous crap and you'll pull it off and be a total hero if you're at the top of the game. But if you suck, it's just lame.