If you know anyone who can sew maybe a quilt. Take a pictures individual students and use those iron-on transfers to place photos on cloth squares then let the kids use fabric paint to write their names and date. Don't know if that's more work than you want but I would love that gift!!!
A friends daughters class wants to give the teacher a baby shower and since she will most likely be gone the rest of the year, they want to make a something to remember the class by ... Any ideas out there?