A sheet sounds horrible to me. But if you do it, make sure you have a felt liner underneath. A felt liner or table pads are key for any tablecloth. Otherwise it’s going to feel thin/cheap and shift around too much.
Tablescaping (lol) is just about playing around and getting the look you want. I’ve watched great florists and event planners do it and it just depends on the vibe. They tend to bring a lot of stuff and then play around.
Make sure you think about how you’re going to serve the food and drink. For photography you can do anything, but for an actual meal you need to think about what food will be on the table, where people will put it down, how you will do multiple courses (if you will) and what plates, flatware etc will be needed when.
Personally, if I’m not hiring anyone, it’s a buffet.
I am pretty lazy so for napkins I like to get lots of solid linen ones, and then I just run them through the washer and dryer a bunch of times Then I don’t have to iron them and I can mix and match the colors at will. But it’s a casual vibe.
If you want pressed napkins and/or table cloths, send them to the cleaners! They come back clean and pressed and hanging up, so you can just stash them until the next holiday. Well worth it imo.
Finally, don’t rule out renting. I definitely don’t have enough glassware for 10 people to do cocktails and a full holiday dinner. I would rent. They will drop off everything in crates and then you just put them back in the crates dirty for pick up. It’s wonderful. You can rent anything - chairs, flatware, glasses, plates, napkins, tables, all of it. I appreciate that it’s not free but since you didn’t post a budget just throwing it out there if you’ve never considered it.