I've never made one, but I would assume that you could applique the ribbons onto quilting cottons. Then piece the blocks as you would in a regular quilt. I would be extremely careful using heat (ironing/pressing) the blocks once the ribbons are attached as some of the ribbons are acetate material and can melt. Then maybe "echo" quilt around each ribbon.
Just my opinion. as I said, I've never made a quilt like this. Good luck!