In theory it could be fine for a night, but that is putting your whole body into a plastic bag for several hours and not allowing it to breathe or sweat. If it is warm out I would not be surprised if you passed out due to the make up choice. Even if it is just for a couple hours.
I do not like the idea of smoothing anyone's skin and putting myself at danger for the sake of a costume.
I would recommend looking into temptu
products for the actual black. They will allow your body to breath, and have very good staying power. They are alcohol based, so it takes awhile for them to start to rub off, and even then its only in areas where you have high friction(arm pits, where clothes touch the skin), and its easy to bring a brush and the bottle for quick touch ups. You would not have to powder it after either.
As for the shine, the pearl powders mixed with an airbrush extender, or a colorless airbrush medium(for make up, mehron and ben nye make them) and airbrushed over the black will make it shiny. You may have to do a few touch ups, but it is safe and will last a long time. It also wont hurt to take off, oh does liquid latex suck to get out of little fuzzy, baby hairs even with remover.