Authoring the prize volume in Grandma and Grandpa's library doesn't require a thesaurus, a dictionary, or a single day of writer's block. Instead, put together a collection of letters, stories, poems, photographs, drawings, and mementos — all about the honoree — from everyone in the family (and maybe friends and colleagues too).
Buy a scrapbook. We used a scrapbook with photo corners). You could also purchase the traditional variety (with entries glued onto heavy paper), a photo album with adhesive plastic sheets, or even a binder with see-through sleeves.
Decide whether you want to design the book yourself (in which case participants should send loose items to you) or distribute the blank scrapbook pages and ask everyone to fill their own (in which case you'll need a scrapbook with removable sheets). When asking for contributions, specify roughly how many items each person should send in as well as any size restrictions (based on the size of your book). Give a deadline, but pad it a little so you have everything well before the big day.