If you are blessed with longish, shoulder length, dirty brown hair, then you are already set for being Pete. But if you are like most of us, you will require a wig. The makeup is pretty minimal, so even a manly guy should be able to swallow his pride and become authentic. I found trouble finding an inexpensive wig with a similar color, so I got a cheap wig on eBay that was a similar color called the wavy 70s layered brown wig:
It was around $20 shipped. It is too long, but the hair color was a better match than the others I could find. I am going to simply cut the hair to the proper length. I suggest you wear a nylon wig cap to cover your own hair. These are under $10.
The lipstick that looks closest is the MAC Cosmetics Meltdown lipstick. It is a subtle orange.
EDIT: For a cheaper alternative, try Target and get the following products:
COVERGIRL Shadow - 610 - "saphhire sparkle"
COVERGIRL Shadow - 460 - "knock out pink"