I was reminded of the gift registry idea when in Manila early last month and I saw a gift registry promoted out the front of Toy Kingdom at the Mall of Asia. Their pull-up banner not only promoted the registries for individuals, it also promoted the service itself. Very smart.
For a gift registry idea to work, you would need to offer a reasonable range of gift / toys / plush for the target gift recipient. Plus you would need to establish a process as well as a marketing plan to promote the opportunity.
Offering a gift registry service could provide a valuable point of difference for your business over others covering the same categories. It could also be a way to pre-sell items from catalogues from your suppliers.