C.M.
What do you want to spend? If there isn't a spending concern, then you could have two different parties at two different kid places. We have a lot of those here, places like Chuck E. Cheese, Gymboree, Inflatable places, even McD's.
If it were me, and I'm broke, I'd do one party at my home and another at a park. The one at home would be my close friends and family (people I don't mind in my house) the one at the park for everyone else. I'd probably go a little more out for the party at my home. A nice cake, deli trays. The park one I'd just do hot dogs and chips.
Good luck!