This would be a neat Valentine's Day gift. if I could bring myself to punch holes in a book. Maybe I could use old magazines instead. Punch a hole in the shape of a heart into an old book and arrange them into a frame for a decoration.
Mod-podged fabric covered letter tutorial - another step I didn't think of: cover poster board the width of the letter's edge in fabric and glue it on! Perfect solution to the question of how to get the edges pretty!