I've shared this experience with a couple of women and it went very smoothly.
BUT (Yeah, I'm sure no one saw that coming.) Two issues.
Physical
I'm a little concerned about the tampon and knuckle thing. Is this resistance from an intact or partially intact hymen or simply vaginal wall pressure? If the former, there may be issues with full penetration. Obviously, everyone is different, and the strength of that tissue runs the gamut from rice paper to full plate armor.
As an aside, I don't know if I fully agree with the woman on the bottom opinion expressed earlier. It worked out very well for one gf that she could lower herself at the pace and distance that she preferred and was comfortable with. ymmv. Other than that, everything FH said was spot on.
Emotional
Glad you said all bets are off if he's had too much to drink. I think I would add that this change of venue thing should probably ko the idea as well.
Unless you are incredibly comfortable with this other couple, I would think worrying about what they'll hear and/or see (spotting or other "discharges"on sheets after you've left) might put one or both of you off a bit. If you have the privacy there, I'd vote for your own bed being ideal.Make sure your guy knows where HE stands on this issue. Our culture tells men that this is a rather important step for a woman, and most of us interpret it that way (true or not) unless told otherwise. He will be likely to think that this moves your relationship to a different level so be sure to let him know if it doesn't. (If that is in fact the case.)
Incidentals
I was lucky in that the lead-ins to my experiences were (mostly) long term, with both of us planning for it well in advance. The only impromptu one was with someone who was very active and athletic who gave me about 3 seconds notice. We were poised for intercourse, and I assumed she HAD done it before, so the quick whisper took me by surprise and I didn't have any time to react differently than normal. I wouldn't recommend that if there's going to be any physical issues.
A guy with a decent amount of experience in bed with a woman he likes isn't likely to run into the problem, but there's a possibility that the pressure of the importance of this will cause psychological E.D.
So I think your best bet is the one you already seem to be leaning toward - seduction, progression, information, dénouement.
Good luck and have fun whichever course you take.

no worries, we're peas in a pod in that case. She also told me not to worry about driving because she wants everyone to have fun and that Biscuit (what I shall refer to my friend as) and I can just ride with her and her husband. When we leave the bar, we're going back to her house and she's already reserved a bed and spare room for us O_O
If you don't let him know somehow in conversation, he'll figure it out pretty soon and you wouldn't want him to freak out at that point. Not to be squicky, but the first time can be a little...messy.
Aww, I'm sorry, Daisy, I'm sorry! Poor doggy, lol.
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