Cute pattern!
I found something similar; this quilt is much smaller than JanineH's (38 1/2 x 48 1/2) however, you could make it to your desired size very easily.
http://www.allpeoplequilt.com/quilt-...-squares-quilt
I would not cut all those little pieces. I would cut color fabric into 4 1/2" strips and strip sew a 2 1/2" white strip onto it, then sub cut into 2 1/2" strips. Additionally, I would audition the layout before sewing rows together.