If you're worried about toys, why not go for a small piece of muslin or a little blanket or something? The best toys are the easily replaced ones.
The sids risk does drop at 6 months, but continues until they are 4. Yes, really! There was a case last year in NSW of a 6 year old.
Personally, I don't think they need a pillow until 3 or even later. But you can make it a special thing if you want to. I know 2 year olds that have them and love them, and I know a little one who didn't get one until she was nearly 4.