As I had stated in my original post, I don't intend to take very many if any pictures during the delivery, except maybe a few to document it (doctor holding up baby, mother with baby for first time, weighing). I obviously would be basing this on what the situation and my wife dictate. Also, for this time, I would definitely not be using flash, but just the camera and 50mm.
In regards to taking pictures later - I figured I could get nice shots and the baby would be less disturbed if I had a flash or two in the corners of the room, bouncing off the ceiling. Also, I like to mix ambient in with my flash, so it's not like I would be shooting at iso 100 f/8, but more like iso 800-1600 and f/2.8-f/4. I am not talking about a big setup, but have the foot that comes with the flash and having it sitting on a nightstand, etc. I am not talking about using stands, light modifiers, etc. I wanted to take the smallest setup possible that would allow me to do a good documentary of the experience. I am leaning towards my original thought, which is to bring the 5d, 50 1.4 for the majority of the shots and supplementing possibly with the 24-70 or 17-40 and off-camera flash if needed.