I am having my first baby in August and am the same way you are. I am extrememly picky and what I wanted was expensive. The cheapest one I could find was at Wal-Mart for $90 and it was only a 4 piece set. I finally decided that the baby could give a hoot less what his bedding looks like and I went to a second hand baby store and found a huge set for $38! It wasn't something that I would have picked out had I been paying full price for it but it works! I did order a mobil that matches. My birthday is at the end of this month so I told my parents and sister that if they wanted to get anything for me, to get me the rug and hamper that matches it. They have wall hangings also but they are $40 for 4 little hangings. Instead of paying the outrageuos price, I am going to order a roll of the border and make my own pictures! I am also going to buy letters to spell his name out on the wall from A.C. Moore and use the wallpaper again!
They sell this stuff at crazy prices because they know Mothers to be will buy them!
i like the idea to redo DD#1's room. :)
you can also research baby consignment sales in your area- they usually have them spring & fall...and the prices cannot be beat on everything you need for a baby.