That sounds like a good project to sort of preserve your family's stories and memories. Well, we have albums of pictures, old and new but I am not sure if you can count those as memory books. I have the impression that memory books are like scrapbooks.
Kind of like scrapbooks yes. We each brought pictures from when we were kids and then when are kids were younger too. The kids made their own and we did too (us cousins). We told hundreds of stories, it was so much fun.