Where I used to work we did lot of Oscar parties. We had 2 6ft-8ft Oscars that someone at work made from carving them out of foam. Then they were painted gold and then we added gold glitter. Then we had some that were about 20" tall. They were also made from a sheet of foam about 2" wide. These are a lot easier to make. Then we painted them gold and used gold glitter on them also. We used these for centerpieces. We used a piece of wood to make the base then screwed it to the oscar. We had red carpet runners we used for the entrance then we had "theater stantions"(sp) with the roping. We also had a lot of those cardboard figures of movie stars that we put up around the room. We had clap boards and old movie films that we would use on the buffet. You might check with a rental place or a party supplier for some more ideas. Good luck, sounds like a blast. Let us know how it comes out.
Cheri