The music vs. party vibe is your call to make. If you go the route of musical speciality, you do run the risk of pigeonholing yourself in terms of how the night evolves. If you go for full on batshit crazy party, then having a guestlist only approach will give an exclusive vibe and may help word of mouth about your event, however you run the risk of the first few parties being quieter as it's not immediately accessible.
Venue is EVERYTHING. Ideally you'd be wanting something with low ceilings and a bar that is in the same room as the music so you don't have people going in and out whenever they want to get a drink. This goes especially if you've got a two room venue and there is only a bar in one room, as this means the room without the bar will always be on a timer based on when people need a pint refill.
Lack of smoking ban will help you a lot in this instance, nothing worse than having the crowd effectively cycle every 90mins whenever a new DJ comes off and their entire entourage wanders out for a smoke.
Sound system and equipment should be looked at. I'd suggest going to the venue on night they're already running to hear what it's like with people. If they've got an in house sound guy, have a word with him and see about the possibility of bringing extra stacks in. Is there a sub? How much can it handle? Can you come back on another night before they open and play some of the tunes you like with a lot of low end to see how it handles them?
DJing equipment, check the booth and what they have at the moment, plus what they can potentially fit in there if you need to bring extra. Ideally a both should be able to comfortably hold 2 x turntables, 2 x CDJs, a mixer and a laptop comfortably, without having to stack stuff on top of one another. If it's lacking some equipment, find out what you may need to provide the other DJs. This goes doubly should you be booking any 'names' in case they have an equipment caveat on their rider.
Club decor, army surplus shop (reckon you'll have a few of those where you are?) and get some camo netting. Staple gun to ceiling. Instant vibes, if a little cliched. Smoke machines, discoballs, lasers, mirrors...all optional but good for both hiding and creating the illusion of space. Confuse the punter, make them feel disorientated and claustrophobic.
Advertising wise, in addition to the standard web presence (Facebook group, event page, Twitter if you want etc) get some flyers done up. If you're on budget, then a simple black block design photocopied onto bright coloured paper will often do the job. You should, for example, be able to get a 500 sheet ream of flourescent yellow paper for ~6€ from an office supplier shop, that's 2000 A6 flyers. Obviously if you can afford to get glossier ones designed etc, then by all means.
Design wise, get a friend of a friend to do a simple brand logo. Something recognisible that if push comes to shove down the line won't look out of place or ridiculous on a t-shirt. You could even consider getting a few t-shirts made up for the DJs to wear whilst they're playing.
Flyer distribution - record shops, college/university campuses, outside other nights. Always worth taking a few flyers with you if you're going out so you can hand some out at the end of a night you may be attending somewhere. Optional taking of email addresses to send people a link to a DJ mix or two that sums up the vibe of the night, and if you're going with the invite only approach as per above, then getting email addresses is a way to keep it exclusive and build up your mailing list.
If budget is an issue, then do a quick calculation;
A) (Club capacity x 0.25) x ticket price
B) (Club capacity x 0.75) x ticket price
If you can't afford to make less than A, take another look at some of the expenses and try to reduce. Clubs are usually open to negotiations in terms of hire cost if it's a night they are usually quieter (like a Tuesday, Thursday etc)
That's all I've got now, will update more later. Good luck
(There's also this thread which has a few more tips in it -
http://www.dubstepforum.com/forum/viewt ... 1&t=179922 )