Peacocking is sort of like taking a burnt cake and putting pink icing on it. Yeah, the cake looks unique and pretty, but when you take a bite of it, it still tastes like sh1t.
Peacocking is an attention ploy. It's a way to draw attention to yourself that you wouldn't otherwise garner. So if you are going to use it (you really don't need to), then you better make sure that what's underneath will stand up to the scrutiny or you are just wasting your time and will quickly become the "idiot who looks weird."
My suggestion, when it comes to peacocking, is to make sure that whatever the item is you are using to peacock yourself with, is something that is congruent with your personality.
For instance, if you wear a pink shirt to a club, but you hate the color pink, then you are just another guy trying to draw attention to yourself.
But if you have a necklace with an emblem or something that has real, true, deep meaning to you, and it also sticks out, then that is going to be far more effective that just doing something that stands out.
The pink shirt will get you laughed at and thought of as a fag. The necklace, with the emblem or whatever, will add a layer to your already interesting personality.