E.P.
I don't know if you are familiar with the "Southern Living at home"parties (If you are unfamiliar with them - these parties are hosted like a Tupperware or Pampered Chef party but I'm sure you can order directly from their catalog) About 4 years ago, these parties were running rampant through my neighborhood. They have beautiful stuff, as you see in the catalog.
One item that I have always loved is their "school album" memory book. It is sooo cool. It's just for the purpose that you describe - there's a place for the school class picture and others and an envelope for any report cards, etc... I noticed that since the time that I have ordered, they now have an "artwork memory" album as well as a "birthday" album. Just check out page 69. They are a very nice keepsake and not outrageously priced.
Just click onto the link, then click the cover of the magazine and, at the top, turn the pages.
http://mag1.olivesoftware.com/ActiveMagazine/welcome/STLM...
If you have the opportunity to host a party, it really was amazing all the wonderful stuff that I was able to get for free and cheap, without a huge order and very little work on my part (i.e. gathering place in your home, a few appetizers and beverages - alcoholic or not, provide your demonstrator with the addresses and set a party date.) Love their stuff!
At the very least, this catalog has lovely decorating ideas!
Good luck.
