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I'm sure said baby is adorable, but alas, so are many babies. Most of these projects go to babies of people who work for the client, or the ad agency, or friends of the photographer, etc. and generally pay very little, if anything beyond the "tearsheet" (a copy of the finished ad/brochure/etc.). Plus, you have to constantly update the babies photos because their appearance changes every few months... unless there is some extraordinary stroke of luck, or you have some sort of inside track, you'll spend more on pictures and such than you're likely to take in. And if you're not careful, it can be as predatory as the modeling "agencies" that promise everyone can be a star (requiring lots of photos from THEIR photographers, classes, fees, etc).
I might suggest taking the money you'd spend on pictures and investing it in a growth stock fund, and spend the time you'd spend pursuing it either enjoying your baby, starting a little home business that will generate income, or doing whatever you can to help ensure the child will get a scholarship when the time comes. You can get a junior size basketball for about $20. ;)
Not to be discouraging, but be sure to do a reality check before you put too much into it.
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