That would work but if you want the books to last until your son is grown and beyond, you will want to use acid free-lignen free papers and adhesives and embellies. Those are made for scrapbooking and won't age and yellow and desentigrate.
Check Hobby Lobby, Joannes, Michaels and scrapbook storesand other craft stores for scrapbooks. They can be found for as low as $10.00 and you work and treasured pictures will be preserved.
I use "Make it Acid Free" which comes in a can and spray it over non-acid free items such as menus and ticket stubs.
Most of us, I think, plan to pass our books to future generations and are very conscious of preserving them.
I have some of my kids (youngest is 34 now) crayon pictures from pre-school and I need to spray them and scrap them so his kids can enjoy them.
My oldest (36) is expecting his first child in Sept and she will enjoy seeing her father's baby pictures and his school work.