I would do portraits -- she can have some more after college, after all. Here, anyway, there are a number of photographers that do senior portraits -- studio shoots, location shoots, whatever. The school has the company that comes in every year, of course, but most seniors do portraits with more personalized backdrops. I had mine done (free) by a photographer friend of the family, with (as he put it) "all of Malibu in the background" because I wasn't willing to part with a single palm tree or pier (being from Colorado).
We still have class rings here, and that's certainly a nice thing to have, but it does tend to get put away after a few years at most. I like the idea of the charm bracelet. You can get those done with all kinds of specialization and personalization, and if she's the sort who would wear a bracelet, it's a great idea. Or a charm necklace, for that matter.
Announcements, well, if you can't think of anyone to send them to, I wouldn't bother. Anyone who needs to know already will, in that case.
I don't think I would do the party, not that young. DS will graduate at 16 at the latest, and I don't see him doing the party, either. I know about graduation parties.
