It wasn't that hard at all. I simply made the ribbon the length of my Disney lanyard, used some special sewing tape that bonds when ironed, added a clip and some Velcro catches, and lookie!
I think it turned out just fine. And it fits in nicely with the other 3 I already have:
For the ring at the bottom, I was not sure what to use. I settled on a plastic clip that I took from an old broken lanyard I still had, but next time I might use the metal ring from an old dog collar, or from an old bag strap.
The best news of all? The ribbon cost me $2.00, and I have enough material left to make another one if I want.
Yay!