Yes, you're idea is awesome! We just had Teacher Appreciation week at our school and it had a luau theme.
Monday--Students brought their teachers a note in a bottle! It was cute, and the notes were awesome. The lounge was decorated in a Hawaiian theme, and we had a fruit breakfast.
Tuesday--Students brought their teachers lei (I thought that was really funny when I first read the note. Told my friend that I would be sure and shave my legs that day!)

Some of them brought flowers, and I put all my different flowers together in a super arrangement! We put it in on the table in front of our tadpoles so the whole class could enjoy it!
Wednesday--The PTA gave us a luncheon, and it was awesome...the gym was decorated like an island getaway, and we all got prizes. Also, the local car wash donated free car washes! What a treat!
Thursday--Students brought their teachers their favorite survival snacks...I got loads of nuts and Diet Mountain Dew!
Friday--Students wore Hawaiian shirts, the PTA provided us with Smoothies...
It was a wonderful week...BUT, I still am not crazy about Teacher Appreciate week. I don't want to have to ask anyone to appreciate me. I would rather just know I am touching a child's life in someway. A little note, hug, or a hand-picked flower does me just fine!
The people, I believe, who need to be thanked are the PTA members and parents who help us out day in and day out...the parent who stays up studying spelling words...who makes sure the homework assignment is in their child's book bag...who cuts us a little slack when we make a mistake...those are the people who deserve the kudos!