I just attended the Steampunk World's Fair as part of a Peter Pan group. Our Hook was genderbent, so lots of lace ruffles and a fun hat.
I agree that the character is very iconic as designed, so there's little room to add to or reinterpret. Maybe try for a slightly more historical and less cartoony costume...especially for details like weapons/holsters and any other accessories. But if you wanted to make a mechanical crocodile to go along with it, that could be fun.
You can also just be Hook, as is, and threaten to smash everyone's watches :P
Katsucon 2016 Costumes
(Hobbit/Lord of the Rings)
: Curufin Son of Fëanor
...and saving Angel!Trisha (FMA:Brotherhood) for another time
Cons: AnimeUSA '09, AnimeNEXT '08, '09, CostumeCon '09?, Katsucon '08, '10, '14, '15, '16, Otakon '12, DragonCon '15