An aunt made a flannel receiving blanket that was 45" and it was the most useful thing. commercial receiving blankets don't wrap around a baby too long. There are some blankets out called snuggles that are larger but seem to be of thinner material.
Another popular thing now is a sleep sack- if you want to sewing it is like a shirt on top and the bottom is like a sack.
you might want to make a variety of items that the baby can grow into baby size bibs and larger ones, soft toys, maybe a crib size quilt to use when the baby is a toddler.