Hi and congratulations!
It all sounds yummy to me!
YES, this is an acceptable menu. What would I think? I would think that this couple is wanting a fun, laid back reception. Perfectly fine! NO, I would not think this is cheap.
The only thing that I would add would possibly be one more pasta salad. A cold pasta salad. I have one I make all the time and it's a hit. Email me if you want the recipe. Otherwise, there are LOTS of ideas on the internet including step by step instructions.
Fancy it up? Well, I think an easy and not too expensive way of fancying things up is to "dress up your tables" a bit. Perhaps do up some centerpieces. Easy, inexpensive ones are to recycle soup cans. Remove the label.....tie a ribbon with some raffia around the middle and put in some flowers. Easy! You can even spray paint them if you want them a certain color instead of the silver.
OR.....buy the small clay pots....paint them if you want....and put in a potted flowering plant.
Another idea to make it a little nicer, in my opinion, is to use nicer "tableware." Get matching colored plates (if using the plastic ones) and coordinating napkins. You can even buy these at dollar stores. If you want "wedding" tableware....look on www.orientaltradingcompany.com OR on Ebay OR on the internet. There are lots of sites that sell these.
~ Wrap the fork and knife in a napkin and secure it with a silk ribbon. Put all the sets into a cute basket so it's easy for your guests to just grab one.
Hope this helps! Good luck and I hope you have a great wedding and reception.