M.M.
Hello! I did this for my 5yo and it turned out great! I was told our party was better than the ones at the structured places.
You already got the idea of the muffins and the cupcakes. I also purchased paper chef hats. I found them online for pretty cheap and then had the kids decorate their hats when they arrived. Since I saved a bunch by doing the party at our home I splurged and got the kids aprons too. Not needed, though. I found the kids liked the hats more. Have fun!