Shady Lamps, I agree -- you're on the right track.
I see two different "genres" of tramp - what I call the "Hobo" and what I call the "tramp"
The "Hobo" would be enjoying his time between jobs - happy-go-lucky type. He would
attempt to mend the tears and holes in his costume, much like Scruffy described above.
On the other hand, the "tramp" is down-and-out on his luck, and probably doesn't care
much any more - his clothes would tear and he wouldn't even mend them. He'd keep on
wearing them until he found something better.
Remember that your costume is a "work in progress" - you might find something today
and incorporate it into your costume. But tomorrow, something else might come
by that is even better.
Spend a lot of time in thrift stores, looking for that right piece - be it a hat, a coat
or pants. I call it shopping with my "clown eyes" on.
Here's a link to my website - there are some photo galleries on there. I'm a tramp clown
and my friend "Radio" would be more of a hobo style. Even though we're wearing fire
coats (bunker coats) the rest of our costumes are somewhat different.
http://www.laughingj.com
I wear a pair of red long-johns as the base to my costume, which I sat and picked holes
into with a razor blade to customize the look. My pants came from the army-navy store
and are black fatigues or battle-dress-uniform. They were cheap, and I didn't feel bad
about cutting holes all in them with a razor blade. I wear suspenders, but a possibility
is to wear a rope belt, or even a rope belt AND suspenders - be doubly sure.
I ratted up an old tie and use a mouse trap as my tie tac. Add a pair of fingerless gloves
and I'm pretty much set.
Radio's costume is an old pair of HUGE blue jeans (used to be mine, until I upgraded my
costume look). He has nice shoes with spats - showing that he still feels like he's "upper
crust". He'll wear a nice green-plaid shirt and a tie. We don't always wear the fire coats
- it just depends on the situation.
When he's not wearing a fire helmet, he wears an old felt fedora type hat.
I wear a variety of hats, or none at all with my fly-away long hair.
So, you see (I hope) that a tramp or hobo costume is really EASY to come up with
yourself. I really prefer the looks of those to the "store bought" looks of costumes sold
on the 'net.
Hope this helps some!