While it probably varies by field, most academics seem to fall on a spectrum from "pyjamas" to "business casual", depending on how much they personally care about fashion. There's a few factors influencing it like age, student vs. postdoc vs. faculty, whether they have an event (meeting, talk, teach), whether they work at a desk or a bench, but I don't think there's really any universal rules. The one thing that seems extremely rare is formal dress like a suit, that you would wear, say, in court (I'd say job interview for a company, but then companies also vary a lot).
Because the suit (or the equivalent for women) is so rare, I think if you dressed up that much, you would get some pushback. Presumably if you kept it up everyone would adjust to it after a while and just accept it as a quirk of yours. Although, often, people who dress in suits are either coming to interview for a job, or they're sales reps from a company or similar non-academic people, so perhaps you might not want to be confused with them.
As for dressing down to be perceived better in a meeting, not knowing anything about the audience, I doubt it would work. As I said, there's a spectrum from utter slop to business casual, so long as you're in that spectrum, it's "good enough" and it doesn't really matter where you are inside that spectrum. The guy wearing gym shorts and flip flops isn't going to like you more or less for wearing nice pants and a button down shirt, most likely he will ignore it because he's used to working with many people who go with either option, and does not consider it a remarkable trait. Like I said, if you go outside the spectrum and wear something like a suit, people might be surprised and/or confused.
Now if for instance you're about to have a meeting with a bunch of people who you happen to know are all strongly prejudiced about wearing one kind of clothing, and not the other, obviously dressing in that particular way will help make a good impression. But this isn't something that can be guessed easily from field or institution. You can also never know if people will generally like you more for being on the low or high end of the usual spectrum. It all varies tremendously from person to person (and not really with any useful groupings like field) so if you really want to go down this route your best bet is probably go to the office and see what people actually wear.