I agree with Sarah, there is a difference between 4 & 7 weeks.
At 4 weeks Arlea was still being cuddled & rocked to sleep, she was more easily overstimulated & had a crying jag in the evenings. She was still sleeping more than she was awake, had just started smiling & engaging with people.
The crying in the evening went at about 5 weeks. Around 7 weeks she started self-settling, smiles were bigger & more frequent and she was awake a bit longer between sleeps.

Overall it took me 10 weeks to really feel like things had settled & we were all in a semi-routine, she seemed to just settle into life & we were all adapted nicely then.

At that point I started feeling much more relaxed about other people handling her too, until then I hated having visitors becasue I was so paranoid about germs

Arlea is a very happy chilled out baby & still I can see when she is overstimulated by too many strangers. She doesn't cry & carry on as such but she does become harder to settle & that can last a day or two.

I think the suggestion of a room where you can go & shut the door is a great one, and if you possibly can, keep her in there most of the day. That way you can have people come in & peek while she is sleeping or look one at a time but she doesn't have to deal with everyone all at once, kwim?

And I would be warning everyone in advance that there will be NO pass-the-baby. I'm not very upfront with people like this, I worry about being rude, but I had no problem telling people in the first few weeks - we are NOT passing her around. Especially when there are a lot of people because then everyone wants a hold.
There will always be exceptions of course, but if you warn them early it should make it a bit easier on the day

So yeah, as Sarah said, it's do-able but make it easier for yourself by not hosting, & letting everyone know in advance that you reserve the right to hide away with your baby if you need to

HTH