It depends on the function and your judgment.

I would not wear my kilt and stuff to a typical alcohol fueled student party (Eve n at St Andrews, we know drunken revelry). $600-1000 worth of worsted wool and tweed doesn't deserve to be soaked in Tennents or vodka-cranberry juice cocktails.

To a milder party, yes. Or to a dance, yes.

This halloween, I have tickets to a "Black Tie Bond" midnight screening of Quantum of Solace [Jame Bond]. Everyone wears black-tie attire, attends a drinks reception, then goes to watch the movie. I am going kilted, obviously.