K.P.
Cute idea! FIrst... if you aren't inviting the whole class, be careful about exchanging info via cubby. Talk with the teacher about how you can get the other parents' contact info and go from there.
At this age, keep it very short and sweet. You could do a tea party and invite each girl to come dressed in her very favorite dress and greet each one at the door with a little crown. You should be in a dress and crown too and I would have dad there as the "King of the House"- complete with a crown and robe.
I would do a party that is either mid-morning or late afternoon and have tons of petit fours, mini cupcakes, tea (warm) and sparkling juice. You could either do this at your apartment, setting the dining room table or call around to local restaurants and see if they could put something together for you. Tea and desserts for 5 girls and 5 moms shouldn't be too pricey!