This is a great question, and we've handled it in different ways. After baby #4, I felt we should be finished having children...we had two of each...so I gave away all the baby stuff...of course a few months later we were pregnant with baby 5, with baby 6 to follow. You know we didn't really miss all the stuff, and purchased a few things that were necessities and didn't bother with much of what we thought we had to have for baby #1. We were blessed with hand me downs from a generous cousin and didn't have to buy clothes or shoes for the last two children.
I've kept a few precious things from each child and stored these...baptismal garments...a few blankets that have passed from child to child...I passed the oldest girl's to the next girl...but now after she's done with them I give them to the cousins and friend (the next 4 were boys so if the moths don't eat them they will probably be out of style...except for a few classic pieces...if we were to ever have more children)
I only keep what I feel is in good condition and will be used again.
Another solution I've found is to find other ladies with a range of ages and do a clothing swap. We don't really purchase the clothing, we bless eachother with them. Our home school group sets up in a park and puts blankets down and puts girls clothes and boys clothes in separate piles and everyone takes what they need from the sizes they need. All left over gets donated...We were able to find a great boys coat and my girl's clothes were snapped up by several moms with sizes mine had out grown. I didn't have to find storage and it blessed others.
If you have the room you could hold on to your things for awhile and use from them as you need...especially gender neutral items...it wasn't as much fun to shop for new baby items with the second as with the first for me...and because you are having second thoughts about this may just be enough for you to wait a little before making that step...but it seemed that even the things we gave away were not missed. Blessings to you!