I had high hopes for this costume, and it (mostly) delivered. Only a few folks really knew who I was, but those people really appreciated it.
The only issues I had were:
1) making my hair gray - I used a combination of gray makeup and white powder. It was kind of a mess, and I made everything around me gray. The makeup also had sparkles in it, making my a hair a bit more fabulous than I had planned.
2) the beard. I bought a Gandalf beard and chopped it way back, and then used non-toxic glue to glue it to my face. It looked pretty good, but removing the beard was absolute hell. Just because the glue was non toxic doesn't mean it wasn't prepared to rip the skin off of my face. I ended up having to steam up the shower for a half an hour to even start to peel the thing off.
3) the six pack. Because it was a prop, I didn't drink it. It's a pain the ass to lug a full six pack around all night.
I also carried around an iPod with the Spanish guitar theme song looped in my pocket. Good on paper, but the volume wasn't loud enough.