I'd say no, but where I'm from, the norm for reunions is to have it at a restaurant, banquet facility, or somewhere like that, where open bar is included. I went to my 25th a year ago, and it was $90 a person, open bar, appetizers, buffet, and that included the DJ. I do live in a pricier part of the country, but to me, the cost wasn't really all that bad.
I just think there are too many variables to make it work smoothly; people traveling, different expectations of BYOB and so on.