Does it look ok all together?
Yes; you're good to go.

Where should the tie bottom rest?
Precisely where it is. It looks goofy hanging down in front of the belt.

I was thinking of wearing oatmeal hose with an oatmeal shirt, would that look ok?
Yes. I like more color myself, but that looks fine.

Any suggestions of color of shirt and hose for a wedding would be appreciated.
That would entirely depend upon the formality (or lack thereof) of the wedding. At a semi-formal wedding during the day, where sassenachs would be in a suit and tie, the above rig would serve admirably. At a more formal evening wedding, rent a Prince Charlie and waistcoat, get a $4.00 bow tie, and loose the belt. At an informal beach or garden wedding, loose the jacket.