I would go for one bigger item - if your chapter is like mine, they'll probably get little gifts like pens and stickers from other people, but getting them a tote or a shirt would be nice - and then their whole pledge class would have a matching tote or shirt.
My favorite thing that I got when I was initiated was a crystal heart-shaped box with my name and "KKG" engraved on the top - a badge box! I broke it about a year after I got it, and was so upset - a wonderful friend got me a replacement box!
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The owl, the key, the fleur de lis... rah rah for KKG!
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