Can you make this the night before the party or will it not be good?

Since there is no "base" to this punch, I would say no, don't try to make it the night before. It will lose all it's "Pizzaz," not to mention its fizz.

Making his the night before will undoubtedly result in the loss of much of the effervescence of this punch.

For me, that would be a regrettable loss of much of the charm of this concoction.

But do as you please.

Best of luck.