Personally, I go for Classic Gentlemen's Style (ta-daaaa!) as described by Roetzel, Molloy, Flusser, Keers, et al. that allows me to projects the image of a wealthy, sophisticated and mature flâneur or boulevardier, so what you describe is probably not for me. I am too old for that, anyway...
I don't know who Mandrake was or that he had invented his own collar (you aren't talking abut Eric Glennie, are you?), but it seems to me that if you will be operating in a contemporary or fashion-forward mode and are determined to use that type of collar anyway, all bets are off and you can do as you please.
Just look at it and do what looks good to you. Probably none of the folks at this party have ever heard of Roetzel and will not know the difference anyway. Only a wardrobe geek would notice and I am sure they would be much too polite to mention it at all.
On the other hand, if you ever manage to wrangle an invitation to a ball that will be attended by visiting royalty, I suggest the most traditional set-up you can put together.
