However would I look like a bit of a knob walking around my local club wearing a military type flying jacket???
Yup.
Unless, you're flying an aircraft type which requires that you wear the leather flying jacket. If this is the case, go and stand beside it, and you'll look great - otherwise, no leather flying jacket or epaulets, until your employer asks you to wear them, and keep the watch to something modest.
Interestingly, WestJet Airlines, here in Canada do issue their pilots very nice leather flying jackets. I think it's an "out west" thing....