Hi Kelly,
I can't believe you've been asked to choose a present from a list, I'd only accept that from close family, anyone else could take a running jump. I mean, it's one thing being given a list if you've asked someone what they want but otherwise...
Anyway, to the question. If I were a parent I'd save the safety equipment for just before we needed it, to stagger the costs. But if you're buying a present then I'd say it doesn't really matter when and earlier is probably better as later on they might already have it. The only thing is that they might have certain requirements for safety equipment and what you buy might not match their needs. If you buy something very generic then that shouldn't be a problem though.
The other thing that I'd recommend as a present that might not be on their list is a baby sleeping bag. These are great for helping babies (not newborns though) get a good night's sleep.
HTH