An idea I had (and will probably use for my little--when I get one!) was a French-style memo board (it's hard to describe these, but basically it's a fabric-colored board with ribbons cris-crossing the board, so you don't need pins to hold memos to the board...all you do it tuck it behind a ribbon). To make one, you could use a fabric in the design (maybe using one of the symbols of your sorority), with ribbon that had your letters on it.
It's kind of hard to describe, but those of you who have seen them can understand (I hope)