I love it. I'd really be tempted to fussy cut the Dumbo's & put them into a modified chevron to make it like a row of elephants flying up & down. You could fussy cut the word "Dumbo", too. So many choices, so little time!
I agree that primary colors would be the cutest. You could also use the 4-5 shades of blue & blue-grey for a more sophisticated colorway.