You can get pretty far with 4 Wiimotes just 2 nunchucks.
I've downloaded a bunch of Virtual Console games, and I still haven't purchased a classic controller. The control scheme is a little wonky, but I've made do with a Gamecube controller for my SNES VC games.
My advice would be to get 1 extra nunchuck and 2 extra Wiimotes for your siblings (3 extra Wiimotes if you're expecting more company), and purchasing other peripherals on an as-needed basis.