It can be good to know the options.
A lot of times I've not had too many choices for an upcoming event and not time to shop, so it didn't help me to hear lots of suggestions for the "ideal outfit". " The dressy capsule" can be hard to maintain since for me at least I don't get enough wear from it.
So,from just your description of the event I'd wear something more elegant and dressy if I could. But if doing SYC, then maybe you could identify some options you already have or whether you want to shop for something for the event. Then issues on which dress or shoes is the best of the bunch, or how to dress something up , how to get the most bang for your buck or what can be achieved with minimal stress, can be fun to discuss. I know I've been there!