Actually, keep the tuxedo. I've fought him 3 times, and I've always gotten the hat. I think the tuxedo is rarer. Unless, of course, your lacking a solid headwear.
Can someone post the stats of the Host's hat? I just got the Tuxedo but I want to know if I should save and get the hat instead? I turned auto-save off just in case, I want to know which one is better. I think the hat looks cooler though, since the tuxedo looks weird without sleeves or the proper pants.
White Top Hat Lvl. 14 Headwear Speed +6 Instinct +2 Strength +11 Vitality +17
but its just that my bio is only raised on strength, not speed, so i think i should have emerald death instead...
If you only want strength, yes use Emerald Death, if you want a more balanced weapon with a good strength and a good speed use Death Sentence.