I am thinking of a wedding brunch/luncheon reception... has anyone done this?

We are on tight budget so we thought a brunch or luncheon reception will help cut cost. I don't want to miss out on the wedding effect though. Has anyone done brunch/ luncheon; did you do the first dance, father/ daughter dane, bouquet toss, cake, and all that? Was there dancing for guests? What did you do? I know its my wedding and people say do it how you want. I am just brainstorming here.