Prince of Wales check

I'm about to inherit my father's Prince of Wales check suit, which was his "well done for staying alive, old boy" present to himself, acquired from Gieves after his return from the Aden campaign.
I have lusted after this suit since adolescence, believing that once I'd slipped it on, I would immediately have to take to my heels, pursued by a horde of ravishingly beautiful women. This fancy was reinforced by the old man's statement that I've have to pry it from his cold, dead hands, which led me to conclude that it must have mystical powers.
Anyway, to make long story boring, I appear to have convinced him that it's better off in my wardrobe than stuffed in a chest in his attic somewhere. But now that it's mine, all mine (nearly) I realize I have no idea what kind of protocol I should observe while wearing it (and he's no help).
So I throw myself on your mercy! Hlep me! What time of year is appropriate to wear this suit? (summer, I should think) Can I wear it in the officers' mess? Should I wear it to the races? What kind of shoes should I wear?
Have I bitten off more than I can chew?