I coordinate group gifts at one of our schools, and the teachers prefer gift cards.
I've done a hybrid set (bookmark, magnet, and notebook) with a gift card. But that was a group present--I probably wouldn't do all 3 plus a GC just from one child.
This year I was planning to do one of the cocoa recipes in a mason jar with a hybrid tag/label and a travel mug, but we got snowed out of our last 3 days of school. I'll probably still do it in January. DS #2 has 3 teachers and 2 therapists at school, so I can't spend a lot on each one's gift.