Yes i think that it would be ok to hand out goodie bags, it sounds good.  You could play pass the parcel, musical chairs (if you don't have enough chairs you could cut out lots of big circles out of paper and lay then on the floor and the children have to stand on them), egg and spoon races, three legged races for the older ones. have fun

Hello!! I don't know if this is much help, but I googled this for you and I got this site that may come in handy!

http://familyfun.go.com/parties/holiday/specialfeature/valentines-parties-and-games-ms/

Here's another... Its actually for kids, hope this one is helpful too!!

http://www.amazingmoms.com/htm/valentines_party.htm

And here are some games, it shows them on the site!!

http://www.partygameideas.com/valentines-day-games.htm