We don't have our parties on Halloween because most of our friends have small kids and since it's an adult only party it just wouldn't work for us. You'll have to take in account your guests lifestyles and interests and ask them. See what they say!
The first year was small and each year grew. (Last year was year 12) I send out the invites about 3 weeks in advance. The parties never have ended before 3 and I remember cooking pizzas as the sun came up another. Last year it was 7 am when I went to bed. Whew!
I would recommend serving at least some food. Doesn't have to be much, but if there are big drinkers, the food might help them out later in the evening. :P I like to serve something that has bread, or crackers. Soaks up the alcohol good if somebody over does it! lol