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We're not sure what the climate on your campus is towards Greek Life, the reason for charter suspension, etc... Some private schools actually threaten expulsion for members of greek organizations suspended from campus.
There are also logistics; how will you get money for a formal? Will everyone pay out of pocket? Where will it be held? Would you be able to get a venue that will rent to you even though your organization is suspended? Is your campus rural/city/suburban?
It's hard to provide a recommendation tailored to your group, since we know absolutely nothing. However providing information to us might harm your group, since national organizations and schools do read this board.
My 2 cents: Don't risk yourself over this. Education comes first and if you guys get in serious trouble over this, was it really worth it?
Edit: This sounds like what happened to ADG at my school except the whole anti-greek life part and a bunch of other back story.
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