One of my graduation gifts to the little one was a DIY clutch that I made. I used her initials as well as her school colors. I got the idea from this post on Clare Vivier's blog. I used an American Apparel clutch ($50.00). The paint and stickers for the initials were from Michaels. Then I used painters tape to mark off the stripes. It was a quick process (using a hair dryer helped with time) and I really loved the end result. There are so many ways you could try this. Different color combinations, different line widths, even horizontal lines.
Hope this provides a little inspiration.