I think it's in Nice Shoes (someone can correct me if I'm wrong). Our first time last year, we got there on Thursday and weren't acquainted with all the fun people yet so we missed out. Not this year.
You can walk down with or without a cover up, you'll see some of both. The panties being see through is perfectly acceptable. Have fun, its a blast!
I walked down without being covered and I was in a fishnet top and booty shorts.. The event is in the Nice Shoes bar and then everyone gets moved to PatyO's later.. some people are asked to change depending on what they're wearing to go to PatyO's..
Check out the Thread I posted PJ/Lingerie Night Oct.20,2011 "Black Tie " Event I include a website were you can get all types of boxer/ briefs for PJ/lingerie Night .
Another good one is ABCunderwear, they have some crazy funny stuff on there if your looking for something outside of the boxers domain.
The lady is probably one of the stripper that comes for the main event in which case tipping makes sense.