Luke picks a word. Together, we add it to the Word Wall. (Butcher paper on the wall above his bed? Honestly, haven't purchased it yet.)
Skills it addresses (hypothetically): phonics, sight words, print
Will probably never happen but...
As he gets older, could also use this concept for new vocabulary words with columns for taxonomy or sorting: noun, verb, adverb, etc. Could be a list of words he/we come across in reading and need to look up. Could be a spelling tool.
P.S. I once saw a child's bedroom where the walls were ringed with 4x6 cards, each with one word printed on them. I think they were "sight words."