Patenting toys is a hot area for many inventors, and can be very lucrative as well. You should always have a patent issued prior to pitching it to the toy reps otherwise you have no protection. In the very least you should have a pending patent application filed. In some rare cases, a toy company, typically smaller toy companies, will sign your non-disclosure agreement (NDA), but don't count on it.
When it comes to pitching and selling, and who to go to, it just really depends what industry you are in and if you have a winner of a product. I recently counseled one of my clients into a great patent licensing deal with a well established toy company, and she just recently filed her patent.
Here is a great Youtube link by Mike Mozart with advice about who to approach at toy companies when pitching your product: http://www.youtube.com/watch?v=pQrefQIqrwM&feature=fvw
