I know some people prefer rectangular quilts, but unless it's going to be hung on a wall (or in a quilt show) no one will normally see the proportions and judge them.
I prefer square quilts, both for beds and for laps. I like the symmetry and also like not having to figure out which way it should go.
Mothers are now advised not to put blankets or quilts in the crib with a baby under 18 months or so because of the danger of suffocation or SIDS. Lots of changes since I had little ones.