No I think thats a lovely idea! I think gifts are better when they mean something - even if they don't cost much - or are even free!! I did a similar thing for my Mum for mothers day.
For Fathers day here - we have got some small canvases from the warehouse (they were $1.50 each) and painted them 3 different colours, and then - this week when DH is at work Elle and I plan to do footprints on one, Handprints on the other and (not sure how this is going to go) I'm going to let Elle paint something on the other one - with lotsa help from me.

He is also getting a new Cell phone (cause he desperatly needs one), but I have a feeling I know what gift he'll like best.