Such a cute idea, but I recommend making your own for so much cheaper. I bet most grandparents would love to have this as well with there grand-kids info. It would make such a fun conversation piece in any home. Make this for new parents or if they have other kids you could make one for each child. I think you could make them for about $20-30 depending on the fabrics you choose, it will be a time length project though, unless you have a Cricut or Silhouette machine or fancy embroidery machine. Make sure you do your design after the fabric is cut but before any sewing (well stay stitch the edges to prevent frays or runs).
I am going to make some of my own and will update this post when I have the pictures and steps.
Use any kind of trim you want, hanging tassels, ruffled ribbon, cording, rickrack, etc...
Okay so this is not the best written tutorial, but the best idea, read through the comments for tips. You stretch silk across an embrodery, then cut out your design on contact paper, use fabric ink and a credit card to spread your ink. Hang to dry and your done. The best tip from the comments is to use a Cricut or Silhouette machine to cut out the words, I have a Cricut Cake but not a regular, but I know there is a lot of copy stores and scrapbook stores that are starting to carry them and will cut them out for you, making it fast and easy.
Char @ Crap I've Made shows how she used her Silhouette Machine to paint on pillows. I think I need this machine now, but we all know that is just another dream. The machine is amazing!
She shows you haw to make a stencil which would work also just make it on contact paper. To reuse (for making both grandparents a set) rinse your screen immediately, but carefully to make sure that it doesn't loose its stickiness. If it starts not sticking spray it with some light duty spray adhesive and reapply to silk screen.
Use this paint to just spray on your design with a stencil. It will give it a different look as well.
Not totally sure if I am sold on this technique but it would be worth a shot. It seems pretty easy.
For a different look try embroidering the words, but I would recommend cutting down on the words so its not too busy.