I personally think it would make a lovely gift, although it really depends on the recipient. I do like to give a hand made gift and usually give a knit afghan. I've seen discussions about invitations that specify only gifts from the registry. I think that specific reference was for a baby shower.
For one wedding gift I checked the registry and they had a casserole carrier on it, so I made them one instead of purchasing it (well, I had to purchase fabric).
Could you check with the bride or grooms' parents to try to get an idea of how receptive they might be?