dude, it might be cool for you to be ABLE to have that on your nightstand for your own personal hobby and fun but just a word of advice after going throught that with my first one(but not any others ever since)

a) babies scream, you can hear them from a ways away and your hearing gets a lot better as soon as you hear it scream the first time.

b) when a baby screams into a cheap microphone placed conveniently next to its head the effects on the receiving end can be deafening.

c) no matter what scheme ypu have cooked up for monitoring the baby with your gadgets, if it hiccups once it is ****. just get the exact baby monitor she wants, it doesn't matter if your solution does infrared at 30fps with stereo audio, it doesnt say monitor for babies on the package

d) sleep is so precious in that beginning time, why put a speaker on your nightstand.

good luck, ypu are gonna need it.