I've seen a commercial filmed at Triangle Skydiving where the jumper was wearing a suit. I believe it was for a cell phone or some sort of business service. My google-fu must be weak today, so I can't find it at the moment. Maybe somebody else will have a better memory or better luck.
I jumped with a shirt and tie (no jacket). I used both a tie chain and a tie pin (through both layers!) to hold it in place in several places and didn't have any trouble with it. Then again, I was only belly flying with it, so you may run into trouble with different orientations, but I would think a safety pin to hold the jacket closed and a couple of tie pins would keep everything out your way and secure.
F*** no. I often wear a suit because I must, but I really don't like to anymore, and I'm rarely having fun when doing so. Damned if I'm going to wear the &%$#@ uniform when I'm doing something to have fun.