C.M.
A first birthday party is generally for close relatives and REALLY close friends. While I understand your wish to have a memorable day, please understand that to any other than those I have just mentioned it is just another day. You will have many more birthday's (God willing) in the future to give out favors and play games. I don't intend to be mean spirited. I've done this 1st bday thing twice. The first time I went all out. It was stressful and a huge waste of money. The second time we had a nice dinner with family and took some wonderful pictures of the baby with relatives. If I ever have another child I will do the same thing.
So. Save it for when your child gets older and prefers the company of her friends. Right now this is your time!