Special Occasion Pieces & Versatility

I'm working a fundraiser/gala on Saturday night.  Had I known how much of a pain in the ass this would become I would have never volunteered, but it's an organization that SME and I belong to and because we cannot donate money, we're donating time.  But because I do not currently own either a gown or a cocktail dress, it's also going to cost me money.  Also, problematic is that I will be on my fee for 4+ hours and that I have been warned about 3 times now by the organizers how important sensible footwear is.  Currently, my formal footwear are stiletto gold Steve Maddens  and equally unsuitable silver sandal BPs. They would be great for attending this event--not working it on my feet.
So, on Saturday I took a shopping trip with a friend and scored this dress for $45 at Nordstrom Rack:

dress - Eci (via Nordstrom Rack)

pardon the sports bra - soon off to the gym

I don't love it, but I really don't want to spend money on something that won't be worn that often. It's comfortable, it has a bit of pizazz and I could wear it to rehearsal dinners, weddings, or even an evening out. I could actually see it becoming a go-to dress for certain occasions.  But it still has its limitations.

One of these limitations is the gold accents (which also mean that it can't be worn to a funeral).  With this dress I also have to buy new black or gold shoes that are both fancy and walking shoes. I have looked at countless stores and online shops, but for a suitable pair of, say, Rockports, it will cost me another $120.  Granted, a pair of sleek black pumps wouldn't be bad for my wardrobe--especially considering how few shoes I have.

Detail of gold accent:  It's actually a zipper with rhinestones and it reminds me of swirl shapes of The Starry Night (that probably just made the Art Historian Chics vomit).

But another limitation is the fact that I'm on a budget and I'd rather spend that limited cash on a new and badly needed pair of jeans, another belt, a J.Crew necklace, or a metallic sweater jacket from BR.  And I was already resolved to not spend any more money for the month because I already purchased two pairs of shoes to make up for some recent losses. On top of all that I'm still building a more professional/professartorial wardrobe.  If I could wear it, say, to give a paper, then I'd feel less sick about spending money on a dress. For example, something like dress currently available at Ann Taylor for $98 pictured below and available here (and they're currently having a buy one, get one 50% off sale):

I go to two national conferences a year and the weather for one of them dictates lighter ware and it is always difficult for me to put together outfits for that one.  This dress, which comes in a petite, will look great with a cardigan for teaching/conferences and can be dressed up or down.  Although it is on the plain side, I could add a brooch to the knot on a hip, jewelry, sexy tights with black polka dots (such as the ones that Julia of Polka Dot Biker Shorts wore on the night she got engaged--congrats!), and pair it with my vintage-y black Clarks (which are not as fancy as I'd like but can withstand 6 hours of walking). It wouldn't be the best outfit for a gala, but my goal is to blend in, not be fabulously conspicuous.  And the Ann Taylor dress would be a real addition to my wardrobe as evidenced by the various ways that S. of Narrowly Tailored has styled her own Ann Taylor jersey knit dress.

What say you Style Nation? Should I rethink wearing those Clarks to a fancy affair? Do I need a fancier dress? How have you handled such conundra in the past? Any suggestions for wear I can find a blingy brooch by Friday?