I am glad you like the Press blazer, especially the length, Andrew. Are you taking it to your tailor for sleeve alterations?
If your blazer is 100% tropical worsted wool, then I think you will still have some drape. If it is plain weave worsted, then it will wrinkle rather more than high-twist or Fresco worsted. Fresco (a trademark of Hardy Minnism but used generically) is also more breathable, in addition to being less susceptible to wrinkling. High twist wool has more space between the yarns and therefore has more "breathability" compared to plain weave wool. The weight per se is less important, in this way of thinking, than the type of weave.
The Press tropical worsted blazers I have don't wrinkle much as long as I don't wear them for too long without resting or airing them. The one wrinkle that almost gets set in after a day of wear is the one at the small of the back. I usually hang my blazers up on wooden hangers to air them and then do a light touch with a steamer to get the wrinkles out. Incidentally a simple clothes steamer is one of the best investments you can make if you wish to avoid frequent (and harmful) dry cleaning for any type of clothing.
Of course a hopsack or flannel blazer is going to have much better drape. I have a cashmere blazer, bought aeons ago, that is still very serviceable and has very good drape. The best blazer I have for drape is an even heavier flannel, and that is strictly a winter blazer! It was made in the US by Land's End back in the heyday of the company, and I treasure it because LE was a Wisconsin company that was well-regarded in those days.