I have successfully used Wunder Under but never Heat and Bond. You apply it to one side at a time. With Heat and Bond my needles get really really gummy and I have to change more often. With Wunder Under (ask for it by name at your fabric store or Walmart if they still have fabric.)
Follow the directions on the plastic it comes with and use a tighter than usual blanket stitch.
OR
Embroider the baby's name on, likely be just as fast. :-)
Sharon