I agree with the others, I don't think velvet would be a good choice for a baby quilt...UNLESS it's one to hang on the wall, then you could use any fabrics you'd like!
But if you want it to be used, how about Minkee for a similar 'soft & fuzzy' texture? And that Fairy Frost is a 100% cotton that is wonderfully shimmery. What ever fabrics you pick, definitely wash them all first, as Vicki said, to make sure they are pre-shrunk & ready to go.
Good luck & be sure to post pictures of it when you decide! :D