I see. (;
I should think it would help, given a couple of provisions.
As long as it is unique content, you will not be penalized by the search engines. That means just be sure you're not posting identical content elsewhere on your store.
You might consider the easiest path to purchase from these content pages. People are going to land on this content page of yours, and unless you give them an easy path to purchasing from you, visitors who might otherwise become customers are going to bounce.
I'd say, if you're going to do this, include add to cart buttons, prices, etc. Don't just tell them how great gift baskets are and convince them to look around, give them a reason to add one to their cart and give them that opportunity. But don't give them the hard sell...it's a delicate game.
That said, you might be able to do this easier or better with an easy page or the about us page mod and SEO page mod. I'm on the second page on MSN for knitting videos, and you know what page it links to? My store page that says, "Hey, we've got knitting videos on our content site, check 'em out."
I'm sorry, I'm a little sick today and talking off the top of my head. Let me know if you have any questions.(;
--Joe