Well, yes. That seems to have been the case in renaissance Europe, too. As Elend would say, I've never actually fought a duel, but I've certainly read books on historical swords and how one would use and wear them. The term swashbuckler originally came from a way of walking known as swashing such that your sword banged against your buckler. A certain brand of rogues would do this to call attention to themselves and to try to get into fights with others of similar nature and fashion. Also, I learned that it is rather tricky to bow with a sword.
As to canes being the fashion, I was just rereading the Well of Ascension at the Assembly meeting where Elend shows up in uniform and, as his fellow Assemblymen noted, a deuling cane as a possibly militant fashion statement.
Hypothetical thought: say a young, relatively unimportant noble, ended up lord of his house after the unforeseen... removal of his father and older siblings. He's now the heir, but all he really knows about is duelling (hazekiller being an honourable occupation for non-heir sons.) Would he be seen as able to defend his honour, or just a little too... (trigger? stick?) happy?
Also, I like the dueling club idea. Were opening a branch in Urteau City. Right now.