I think the diapers and wipes would be a good Idea. When my 1st ds I got soooo many diapers that I didn't have to buy any until he was 6 months old which was wonderful and helped out sooooo much. I also like the idea of the scrapbook with the childs picture and ideas she can keep that forever.

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You could also buy two pieces of fleece and make one of the "no sew" blankets. Each child could take a turn tying it and it could be from the whole class.