It doesn't necessarily look bad in the abstract, but it is distinct enough compared to a regular style of kilt jacket that I think you may spend a large part of the night explaining that it is a horse-riding jacket that you bought off ebay. The satin accents and cut of the jacket make it stand out as different than a Prince Charlie or am Argyll.

Sometimes trying to find an affordable jacket that will go with a kilt complicates matters too much. Most folks understand that Scottish clothing is expensive and takes a while to collect. I think it looks better to be a little understated at a formal event if there is a generally accepted style of clothing worn. (For example, wearing a simple black suit to a non-kilted black-tie event is better than wearing one of those frilly-fronted powder blue tuxes...)

My suggestion is to wear a good white shirt, a black bow-tie, and a black vest. These are pretty easy to come by and will look sharp and tasteful. A handful of silver diamond-shaped buttons to add to the vest and you'll look like you've just taken off your jacket during the festivities!

Cordially,
David