A Skein of Small Wonders. Take a skein or two of yarn and wind into a single ball. As you wind add small things like a bell at the start, a row counter, Kitchener stitch key chain, stitch markers, packet of darning needles, fancy buttons, shawl pin, needle tip covers, etc... anything that can be hidden while you wind the skein(s) into a ball. With the card, include the yarn label and a pattern that can be used for the amount of yarn given. Add the required knitting needles/crochet hook(s) and a bow and voila! One of the coolest knitting packages I've ever heard of.
Deluxe Beginners Kit. Many beginners kits aren't as nice as they could be so why not make your own? Include a book that you wish you had or you used to learn how to knit. If your friend is tech savvy, include a list of the best youtube video tutorials she'll need and the link for Ravelry so she can keep track of her projects. Add a list of your favorite inspirational quotes and knitting tips. For the first project pick an easy scarf pattern, the needles for it, stitch markers, a gauge/needle sizer, darning needles and needle tip covers. You might even want to make coupons for free instructional time. Wrap everything in traveling tote or basket.
Knit-a-holic help. Have a friend whose stash keeps growing to epic proportions? Help her get organized with clear plastic tubs and baskets Make a homemade yarn index (a scrapbook with pages with spots for how many skeins left with their location, pictures of completed projects with specific yarn, notes about it, a gauge swatch etc). Make a knitting needle holder with matching darning needle holder. Get a fishing tackle box as a portable knitting organizer. Get a scale for weighing leftover yarn. Get a swift and/or ball winder.
On the Go. Fill a travel bag with knitting essentials. Include a couple of patterns that don't require much thought that can easily be done while at a game, knit-a-long, an appointment or on the bus/car/train. A interchangeable circular needle kit and/or double pointed needle case can help manage needles on the go (besides circular needles fit in smaller places than straights).
Need More Time? Create an I.O.U coupon card complete with pattern photos, measuring tape, swatch ideas and the promise to make the item for them by a certain date in the colors of their choosing. If you don't know their measurements, include a matching form they can fill out and return to you.
Splurge on Quality Tools. It can be a beautiful drop spindle, hand crafted needles/hooks, fancy glass shawl pin, decorated darning egg, sock blocker etc...
Adopt a Sheep. Adopt a rare breed in a loved one's name and they can receive it's wool for a year. There are lots of programs online available.
Hat for a Friend and a Person in Need. Knit a hat then put together a kit for making the same one for your friend's favorite charity. Provide the prepaid envelope to ship. You can also do the same for socks, scarves and mitts or anything else you see fit.