I wouldn't use iron-on interfacing as it has a tendency to bubble and will ruin the look of your waistcoat, particularly as you will not be able, IMO, to use enough heat to get it to stick to the silk. Sew-in is much better, tack it in place in the seam allowance and just over the stitch line for the darts. Then, when you have sewn the darts, trim the interfacing back as close to the stitching as you can.
You can also get different thicknesses of interfacing so try various ones and see which you like the feel of. Having the interfacing will make the front of the waistcoat hang much better, particularly in view of the fabrics you are using and also will support the weight of buttons and also give a smoother finish to and strengthen the buttonholes.