Rehearsal Dinner or Luncheon?

Hi! I need help deciding what to do for our rehearsal. The Friday before our wedding we’re doing our rehearsal as well as a welcome event at the hotel (it’s a destination wedding). We can either do a lunch or a dinner for the rehearsal meal and I honestly am stumped on what to do. We also will be doing our bachelor/ette parties the night before because it’s the only time all of the bridesmaids and groomsmen can be together to do them. So if we did a lunch or schedule would be
•12:00 Rehearsal
•1:00-3:00 Lunch •3:00-6:00 Welcome event (it’s in the same location as the rehearsal meal) •7:00-10:00 Bach night The cost for the lunch is $1,000 If we did the dinner the schedule would be •4:00 Rehearsal •5:00-7:00 Dinner •7:00-9:00 Welcome eventTotal cost is $1,400I’ve never heard of anyone doing a lunch so it makes me somewhat apprehensive and we can’t put back Bach activities because we’d be going to a show that starts a 8:00pm and we don’t want to be out too late