Can iPhoto create a board book?
iPhoto doesn't provide this functionality.
There are two things you could do at this point:


Submit feedback to Apple on iPhoto here. Please note that it might take a while for them to implement your feature, and they don't respond to comments.
Use an alternative 'board book maker'. After a quick web search, I found this website (pintsizeproductions.com). I'm sure you'll be able to find some more with a similar search.