First: congratulations!!
Second: Do you have a will? Have you identified a guardian? Do you have life insurance? If not, do those before anything else.
Do not take advice from the peanut gallery about setting up trusts and the like; things have changed dramatically with estate tax and such over the past number of years, and you need serious advice from an actual expert. Do not fuck that up, because it can cost your heirs thousands of dollars and a lot of unnecessary hassle. If there's one thing I can convince you of, it's that this is not a DIY project. I'm a lawyer, and I still hire an expert for my own will (and yes, I have a trust, but it was written carefully to provide flexibility for changes in estate tax exemptions). The rules are complex, and to make it worse, state laws are very different from each other, federal laws are different from state laws, and they all tend to change with the political winds.
Beyond that, my advice is to give it a year before you even think about major changes to your financial plan. You don't yet know what is going to happen, how both of you are going to feel about going back to work, or what your day-to-day financial life is going to look like post-kid. So give yourselves time to figure out life with an infant, then figure out how to structure your finances around it.
When you do think about that, really, I'd stick with the Investment Order. Your first priority is to keep your family protected and your future on track. Once you have all that covered, you can focus more on saving for college, optimizing savings vehicles, etc. In the interim, just keep shoveling money away in your tax-protected accounts as you've been doing. (And yes, keeping that cash cushion for now is awesome, because it gives you immediate flexibility to handle whatever happens over the next year).
