When my little girl turned one, I realized that the huge ordeal I went through to plan a big party was unnecessary. She's my first (and only), so I had no clue how much it wouldn't matter to her. She was more than happy with a chocolate cupcake to eat (and make messes with) and a few brightly colored balloons.
So, it's my opinion that the party you're planning should probably just focus around what you think is best. Since you're in the middle of a somewhat stressful situation, you shouldn't add more stress on top of it. Get a pizza (or a few), some juice/soft drinks and a party cake. If you have a lot of children in your life, then the "Albuquerque Jumps" idea is a great one. There's also places like "ITZ" and "HOOTS" that'll entertain little ones for a short period of time.
Mostly, I think that people understand the importance of a first birthday party while acknowledging that the little one isn't quite as concerned. So, everyone you know and love will be quite happy with whatever you plan, regardless of how elaborate. =)
Oh and last, but probably most important... I think it would be in your best interest to have a tiny family gathering on his actual birthday and wait for the "big party" until after Thanksgiving. This would make it easier on yourself AND your guests.
Good luck, and Happy Birthday to your littlest one!