Just FYI (may have some folks here new to carrying), the work around for the 'hug' thing is to hug with the 'gun side' hand down, going around THEIR waist, and the 'off hand' up and around their shoulder.I say go with a tuckable iwb holster. I just went to a wedding last night. Dress pants and a fitted shirt tucked in. My 1911 commander at 5 clock. I am 5'6" 130lb. I wear nothing baggy. No one noticed besides a few friends who felt the gun during hugs. All that was said was "right on" and " I had no idea". I even danced all night as well as got drunk.
It's not that hard to conceal
Extend your 'strong hand' harm out only enough to reach around their waist. This keeps your elbow in, over your sidearm. The 'natural' reaction from folks is to then reach around your waist on the 'off hand' side.
This might feel a bit awkward at first, but it'll soon become a natural movement. To counter them wanting to hug the other way (hence, feeling your gun), always extend YOUR arms first. This not only subconsciously 'forces' them to hug 'your' way, it gives the appearance that you're the more 'open and gregarious' of the two parties, a likeable guy.
No 'lecture' on the drinking aspect. Drinking or not, one is just as accountable for their actions. For those who might opine they wouldn't 'trust' themselves carrying a gun whilst drinking, I would counter, then they probably aren't all that trustworthy with one when stone sober, either.