I'd just flat-out ASK him about this. Tell him: "Hey, honey, since you work from home, you don't wear a suit jacket except rarely -- so would you be using the hanging part of the valet or are you really thinking more about it as having a drawer for your stuff? What about a set of drawers for you that fit inside the closet instead?" Because there are such things as rolling three-drawer or four-drawer "towers" that fit right inside many closets. Check places that do storage options, such as Bed, Bath and Beyond; Ikea; Container Store (pricey), even cheap places like Target....Then you can sweetly say, "If you go with this other option, then this Santa has more left over to get you some surprises...."
We've been married 21 years and I would not hesitate to tell my husband, "Cool idea but seriously, think you'll use that? How about this other thing that does what you want done instead and doesn't sit out in the bedroom?"
If he was willing to say "I want X," why not be willing to say, "OK, here's Y which does what X does and maybe you didnt' see it before." I bet your husband just saw the valet in a store or catalog and thought "cool" and thought no further about it! He's already asked for a specific item so it's not like you're spoiling some big surprise to talk with him about it now.