I'm not a new grad anymore, and I keep a portfolio. I don't hand over the entire thing to the interviewer, but I do as llg suggested, and remove whatever materials are applicable to my interview. As far as it being a bit much...I think it's better to have the portfolio and anything you may possibly need, then to have to tell the interviewer, "uh...can I get back to you with that?" Also, no interviewer has yet to criticize me for having one...if anything, their reaction has been favorable.
My portfolio is in a plain little binder, nothing flashy. It has the resume, copies of all licenses and certifications, recommendation letters (I make it a point to try to get one from someone at every job I work at), references, transcripts (hey,you never know!) and other materials. I also keep a typed list of information for my own use when filling out applications or paperwork: things like my last several addresses of residence, addresses and contact info for my schools and former employers, license/certification numbers, reference names and numbers, etc.
I update the portfolio monthly, even when not searching for a job...because if something does catch my eye and I want to apply for it, I'll be ready.