Teddy bears *are* tricky to make and rather time-consuming. Plus, the ones I have seen have been made from "cutter" quilts that were originally pieced quilts rather than applique quilts. I think it would be much harder to make the teddy bears out of the appliqued quilt because of the need for positioning the butterflies.
If you haven't made teddy bears before, I would recommend making at least one first so you can see how it goes and where the butterflies would need to fall.