Q: Is it OK to only serve wine and champagne at our wedding?

A: It is perfectly acceptable to have a limited bar at the reception. You've successfully decided what kinds of food to serve, so why not make the call on drinks as well?
A full open bar can add an enormous expense to the wedding, so this option will help cut costs and keep the bigger drinkers at bay. Try creating a signature cocktail for the wedding -- a festive drink that incorporates the type of alcohol you have on hand, such as Bellini (to get Italian champagne involved) or sangria (putting the red or white wine to use).
No matter what you decide, just know that your guests aren't there for the free booze, they're there to celebrate you.