I did the whole tribute act thing in my 20s - it was hard work, but great fun.
'Twas a Queen act, aided massively by our singer looking (and sounding) uncannily like Freddie, and our drummer having the same hair as Prof. Brian May. As the bassist I wore shorts and a T-shirt, a la Wembley '86, but TBF, all of the attention is on Freddie, so it really didn't matter what we looked like.
I think if the band has an iconic look (Angus, Freddie, Lemmy etc...) then I think it's only fair that you try to emulate that, but the sound has to come first.