We got one of the fold out couches with the sleeping bag attached for DD's 1st birthday.

I think banking some money is a great idea!
Is there any outside toys/games you could get? A few years ago we told our parents to contribute money to one big present for DD's birthday. We got her a trampoline, with the pads that cover the springs stitched to the mat, so there was no way hands or feet could slip under the padding to springs.

A little blow up pool (if you don't have a big one that is)

What about one of those big plastic clam shells where you can put sand or water into it?

Nic