Cute idea... Wish I had started it when he was younger, but no time like the present...
Starting in Kindergarten, put the child's graduation year on a large T-Shirt. Take a picture each year with the same shirt to watch the child grow into the shirt. Display at graduation party.
LOVE the Raphael cake. It wouldn't be that difficult to make, either. Also, a pizza party wouldn't be out of place AND it would be easy. Sigh.
This is the best graduation gift ever.
The Inflatable Backyard Sports Arena. A little big for my backyard but still awesome.
Money graduation present