Where do you think palazzo-style pants are now, in the scheme of in or out for dressy evening wear?

I'm going to a fundraiser that is black-tie optional, so you know, a lot of guys will wear tuxedos but they won't sneer at those who attend in a nice suit.
It's been an annual event for more than 10 years, a cause linked to my profession, and I've been before. The ladies dress up in a variety of dressy outfits--long and short dresses are fine, a bit of bling, heels, you know the drill.

Also, if it helps, I think like a lot of fundraisers, the organizers have some dual goals of trying to have a nice, dressy event but not turning off some younger folks or folks maybe just getting into it, as long as people dress nicely. but of course I'm a mature and fashion-wise lady (!) so my intent is to look dressy and fab.

So...one previous year I wore filmy dark brown palazzo pants with an interesting, to me, dressy vintage top. I don't want to wear the same top, but I'm thinking of wearing the pants again with what I think is an elegant lace-over silk and sparkle-bead top--short sleeved, high hip, sort of ballet-scoop neckline which is good for me, in a flattering taup-ey color. The pants are fitted over the hips, taper just a bit & then have the typical wide and flowy lower leg.

The pants are a polyester georgette, so not a rich and elegant fabric by nature, but I tend to think of them as a neutral supporting act--not really so much in the spotlight in ballroom lighting and while dining. I don't know how many people can really tell silk from polyester in this setting, or care, I guess. The top I think would be the focal point. Plus, the pants-nearly to the ground let me wear a lower pump-type shoe with a stable heel if I want to.

So--the other type outfit I would consider is a very dressy knee-length dress, which I don't currently own!

I'm up for shopping, but I need a sleeve, the right length (a lot are too short!), a waist or maybe fit and flare, no plunging neck, size 4 or maybe 2, who knows--always hard for me. Also, it would be better now for me if it were not black--bronze, or dark taupe, or something similar is lookin' better now, if you know what I mean, although I still do wear black and would buy black if the style were killer-flattering. Further, most of those dresses seem to dress up best with killer shoes that I can seldom wear. I need to wear hose, and there's all the hose-police if you wear a hose with a dressy sandal, so then it's a closed-toe pump or slingback, which is darned hard to find with a stable 2 " or less heel and the right fit.

I love the concept of the LBD that can dress up, but super shoes are often required to keep that from looking just like a regular dinner dress, IMO. With the pants, I actually have the option of wearing either more comfy shoes or some dressy narrow-heeled sandals I can just about walk in, since I might be able not to freeze to death if I wore footless hose or something.

I know I'm not showing outfit A vs B, and this is all pretty hypothetical, but I'm wondering if I can use my palazzo outfit as an okay and backup outfit, even if I take some time to see if I could possibly find the perfect short dress and shoes. I'm thinking the above outfit would look better than a run-of-the mill black dress and so-so shoes.

Any help in avoiding misunderestimating the current fashions and being a frumpophile is appreciated!