I definitley wouldn't bother with sparkling wine as well as punch for arrival drinks, from events i've been at men don't seem to be too mad on this either, most of them will probably just go for a pint.
A sparkling wine toast is included in our package but if i wasn't i'd probably pick sparkling wine for the toast anyway. I know it probably seems a contradiction to what i said above but i'd either have sparkling wine or more of the wine you're having at the meal, a round of drinks can get messy and awkward as pints can be poured and left sitting until all the drinks are ready and it could cost a fortune, there'll always be people who start ordering doubles and all sorts when a free round is on offer, sticking to wine in some format will be more reasonable and imo opinion will look nice and classy for the toast!