Jack Napier is so into being Jack Napier, he goes by his real name. I think he just sees life is one big theatre and has fun with different looks, so I wouldn't put it past him to don a wig. But dude's the realest cat you'll ever meet.
He seems to be content as any man with a 20 foot dong can be in his movies.
I just wonder if Butters rocked up to this shindig looking for ways to become a more successful "Kissing Company" owner.