You can certainly use the Levels FX to get the super white levels down to something lower, but that often leads to a rather unnatural look, with a gray wedding dress. So, do just enough to get the whites "legal" (under 100%).

I'll be really interested if someone else has some additional ideas because people give me footage all the time that is blown out, and I'd love to know how to make it look less offensive.

One thing I have done on a few occasions -- but this may not be appropriate for a wedding -- is to go ahead and posterize the whole scene. For instance, someone sent me this grossly overexposed photo (this was a still frame issue, but obviously the same thing applies to video):



There was no hope of rescuing it, so I instead chose to emphasize the problem and thereby create what I hoped was a pleasing effect:

"I'll be really interested if someone else has some additional ideas because people give me footage all the time that is blown out, and I'd love to know how to make it look less offensive."

All I can think of is converting to B&W or sepia.
Most important thing I see is to get the levels back down into the legal range so that nothing down the track will clip it even more.

Bob.