I think it sounds like a really fun idea, provided some extra safety protocols are in place especially considering some guests may not be so familiar with firearms, if at all.
My biggest concern would be cost, given the dramatic rise in ammo prices. Despite the increased price, an all-.22 shooting party would still seem viable. About 5-6 bricks would be enough fun for a party of 10-15 people (200 rounds each), and keeping it around the $450-$500 range. Any larger calibers would be too costly.