It's the 1st of many birthdays and I say keep it simple. Otherwise, if you complicate it and make it an overloaded birthday blow out now, where do you go from there for 2nd, 3rd, 4th, 5th and beyond birthday party.
For my daughter's 1st we had more adults than kids because it was immediate family mostly. I had Cuban food from a local restaurant: beans and rice, plantains, a rice and shrimp dish and garlic chicken smothered in onions. Adult and kids could eat and it cost very little. I had some drinks for adults and juice boxes for kids. The kids played with my daughter's toys as an activity and we sang songs. I made a small party favor bag that had two small age appropriate gifts for the kids. We had one big theme balloon (ours was a butterfly) and a simple tasty sheet cake from a local bakery.
I figure we've got many more years of big parties to have later on. This one turned out to be perfect for us and everyone had a fun time.
Don't make it stressful for yourself. The goal is to enjoy your daughter's 1st birthday. Cheers!