On the bit loafers, yes, my thoughts are the same as yours, but in a number of places I have read that they are sometimes appropriate, for just one example:
http://www.thefineyounggentleman.com...wear-a-tuxedo/ (see #17).
I did some research on this and it dates back to bit loafers introduced by Gucci as being "the" shoe of high-powered NY lawyers and wall street types in the '70's.
Also, you can get velvet loafers on the cheap if you look around. You will NOT get quality, but most people won't notice. You can get them in two days from Amazon. I recently picked some up from DSW for about $50--but they are for a costume, and I put big purple tassels on them--so, not recommending them, just saying you can them cheap if you like.
As for me, I have patent leather tux loafers, with a ribbon across the vamp--they are pretty common at the black tie events I go to in LA, but even more people wear black oxfords, believe it or not (maybe thrice a year).
Also, one more option is a black whole cut, highly polished. I think they can look very formal.