Use a die cut door hanger and clothes pins and this is a great learning craft. www.accucut.com .....this is adorable but the weight of the clothes pins makes it hang weird. also not much room to write... either have to write on both sides or accept that the "Done" clothes pins will be upside down. Good idea. Just might tweak it so it's not a door hanger.
This is exactly what I want to do with E's receiving blankets. The baby outfits you can't part with and are put away into tubs made into a quilt... What an adorable thing for Mommy, and a great memory to share with each child when they're older!