I made a tiny quilt, about 4 inches square, just using quilt ideas and doing only one block and then made three layers, put in a little quilting and actually bound it. I love it. The hanger is a little ribbon bow and loop that I sewed on one corner.
It would be great to use the words in selvedges of fabric and do a quilt as you go strippy block. Use a Christmas fabric on the back and it would be reversible. I did a fancy cross stitched ornament once and used a Xmas tree fabric on the back and one person liked the back the best.
Google free quilt patterns and you will get more than anyone could ever use.