I think it can go pretty late, weddings that have the 7:30 pm time slot would go until 1:30 am. If you did this it would be right in time to a pre-reception Illuminations party, only with cocktail foods instead of desserts.
We are actually doing something similar to what you want to do. We'll have our ceremony at 5 pm, pre-reception 6-7, reception 7-9:30, wishes dp 9:30-10:30, back to reception 10:30 - 12 pm.
In order to do we're extending our reception by 1 hour which does incur additional fees for the DJ and the room. I think the extra is about $600. We're still thinking about whether this will be too much running around, but I really want those wedding day fireworks photo and DF wants the wedding be an evening wedding at the GF. So this is the best compromise for us.