I ended up taking ages trimming out the letters on my paper trimmer anyway, so not sure if this way was quicker.
I ended up with two sets of lettering and some spacers to decorate.
I embellished with matched gems and glued to some bright -blue ribbon (would have liked to do one with hot pink ribbon, but didn't have any).
The plain triangles in between words and the ends were supposed to be embellished, but after much experimenting I decided it looked better plain. (you can see previous, more heavily embellished versions here, here, here, here, here and here - phew, didn't realise I had made so many!).