You'll want to go with grease rather than the water based stuff - sweat will have your face off in no time otherwise. I'd add an auguste tint to your face as well.
Like Snugglesnort said - the squirting bow-tie can get annoying; I'd recommend replacing it with something else. Maybe put together a spinning bow-tie if you like the look.
I don't use a wig at all. My hair goes from shaved to short, but a wig would get in my way as often as I use my hat for juggling, manipulation, etc. If your current wig is giving you issues, I'd replace it or alter it if you want to keep the hair. If not, losing it entirely is ok also.
You can get glove extenders, which function as fingerless gloves for $8.50 at Larocks (
www.larocks.com), or find a pair of white nylon gloves and alter them yourself. If you're looking for something heavier, Walmart has heavy gloves that are fingerless in the winter time. They come with a fold over mitten flap to cover the fingers that can be removed easily. I'd go with the lighter fabric though, unless you're doing winter-time clowning.
Goodwill and Salvation Army Thrift Stores are great supply sources for your costume.