Are cloaks pretty cool? Sure. But "fellowship of the ring style" is not the way to go.
If you want to dress up like a LotR character, go LARP. [spoiler:lit]seriously, larping is fun[/spoiler:lit]
If you really want to unironically wear a cloak, don't go for any of that hoodie crap. Instead, base it on something more modern, keep in mind cloaks were pretty common well into the 1950s. Pic related, a couple of young navy boys in their standard issue cloaks.
The method that will probably look the least autistic is to just fold a normal wool blanket about 2 feet down for a hood, and hold it together with a safety pin. Sort of like
http://www.youtube.com/watch?v=yN8cYd3poIk 