For those not allergic to promotional labels, here's a nursery-rhyme collection in a picture-book format that can, it's true, rest comfortably on the lap. (Or, equally, open flat on the floor.) About 60 of the better known rhymes are printed on alternating pink and yellow pages (the endpapers are blue) and accompanied by softly crayoned black-and-white illustrations--not too outre and rather fun to look at if you're not age two or three. Then, verve and color elicit more response than the sly expression or clever detail. But old-fashioned grandmas seem to be the target for this ""perfect baby present"" rather than real-life children.