If you run out of time to do something creative, www.pajamagram.com is a great place to look! My 3 sisters & I are going in on a pair of jammies for mom this year. The pair I have is insanely comfortable & they're something I would have never gotten myself.
Does Mom have a patio, or garden area? They make stone kits at the craft stores that you can decorate... have your daughter put her handprint in it & use some smashed tile pieces (also at the craft store) to decorate it. Pretty to look at & a great memory of her grandaughter.
One year we were broker than broke & I made all of our gifts. My one son was 2 at the time. I had him color on several different pieces of construction paper w/various colored markers. I cut out around parts of the drawings on each page & put together a collage which I framed.
That son's first Father's Day (also broke) I stamped (regular ink) baby's footprints onto paper, cut that out, arranged it in the shape of a heart & wrote "I love you Daddy" around it in red & then around that in blue.
Another variation of that would be to mulit-generational handprints. Trace your daughter's hands, then trace yours-I recommend pretty scrapbook paper. Take paper with you to trace Grandma's hands. Buy a pretty frame, arrange the handprints onto the frame (you can layer or buy a bigger frame & arrange them all on there) with the name on each print, have everyone sign their name on the background & date it.
My boys love painting rocks too-just regular, from the "rockpile" rocks. Acrylic pants stay on. Some of grandma's favorite colors painted on some pretty rocks to arrange in a small glass vase-the little floating candle holders would work & not be too big. When we moved away from our last duty station, I stashed a colored rock in each of my friends' front rock areas-they loved finding them cuz they remind them of my boys.
Or what about a girl day the day before Mother's Day-I'm assuming you'd want to spend the day w/your hubby too. You & Mom, or your daughter too, could watch a "girlie" movie (I recommend Adurey Hepburn movies-any will work) or two (maybe throw in Enchanted for your little one too), get some chocolates from the Rocky Mountain Chocolate factory, buy some champagne (if wee one is going, sparkling juice) & watch the movies. Maybe throw in some croissant rolls & "rich people" sandwich filling (cucumber whatever), stuff you don't eat every day. Put on dresses, do your hair pretty, get dolled up for your day.
I can't think of anymore right now... good luck!