I'll tell you what I do, and I LOVE it, plus everyone has always said how much they like the way I do it.
We always have lots of people and kids at our birthday parties also. So, when people show up with a gift, I say "You can go ahead and give that to Aryana. She's in the playroom" or whatever. What I have found this does, is give that person and Aryana a special moment to open the present just the two or however many of them, and doesn't create that dreadfully boring "opening gifts" time. That is the worst part about birthday parties in my opinion! If I don't want to sit through it, I"m sure many other people don't either. So, I never have it. I always let her open them as they come.
As far as your food goes, I would have finger foods too since you will still have people there at 5 more than likely, which to some people is dinner time. I usually have meatballs, nacho dip, cheeseball and crackers, and fruit or veggie tray for my get togethers that happen in the afternoon like that. If they're scheduled around a meal, we usually have a cookout.
I wouldn't even worry about any games. They're almost too young and it would only make you stressed out. If you want to have something special, keep it simple, like hand out some bubbles or go pick up a bunch of cheap balls to give to the kids to play with outside. I would NOT do games. I did games for my daughter's second birthday and it was great for the older kids, 7 and older, but for the younger ones, they just wanted to play and weren't into stopping to play games. Instead, I bought bubbles, and bought a pool with a little slide. The kids played in it nonstop!
Best advice is don't get stressed! I have get togethers at my house atleast 6 times a year, usually way more than that. One thing I've realized is that I have to be able to enjoy them too. So, I set the food out, make sure there are enough plates and everything set out for the day, and let everyone serve themselves while I get time to chit chat. You'll be surprised at how many people are more than happy to help with upkeep on stuff with you. Put one trash bag on the floor and another in the can, that way trash isn't overflowing quickly, and as soon as you see the one on the floor full, put the can one on the floor cuz it will always hold more, and stick a fresh one in the can. These are things that always make things easier on me. Also, put a blanket on your kitchen floor with a couple coolers to keep drips from making your house a muddy mess, and have one for kids' juice and one for cans of pop. That's alwyas helpful when the kids don't need help getting their drinks.