Fearless, First of all, Congrats on the great news of you becoming a father! Second, what were you thinking, no just kidding
Being a good dad is cool but it does come with a financial cost and sacrifice. I don't know what your finances are, so I can't say what's the right thing for you to do with your Z is. But what I can share as a father of 2 (one is graduating college in 2 months, the 2nd is a junior in college), this current Z will not be your last toy.
Prioritize what's important, sacrifice what you need to, take care of family and work your butt off. Oh yeah, trust me on this last one, the toys will always be there for you to purchase them later.