An idea that looks
very classy is brass/plastic nametags that are worn each day of recruitment. A lot of sororities do this, and I like them a lot. These have your name, sorority office, greek letters and you could add an anchor or crest. It saves SO much time, and another plus is that they can be worn for activities all year long. After the first year, only new members would need to purchase nametags. Here's an example
http://stl-laser.com/DG-name-tags.html , but you could get these done a lot of places like trophy shops, Office Depot, etc. You would just supply the art work. I'd shop around for the best price, but around $5 each is probably a good estimate.
If you decide to use handmade nametags, I think the idea is to keep it cute, but simple so that the name is not lost in clutter on the nametag. Keep the lettering legible and you may consider laminating the nametags. Try to match the theme of your party--like anchors for a nautical theme, eyeglasses for philanthropy round... Good Luck!