This is such a cute and easy idea. I think it would make a fun party craft or fundraiser. It's also a great use for leftover scraps of yarn or ribbon. You could even "bling" it up some more and add beads to the ends of the fibers.
Click on the image to enlarge and read how to make a customized bookmark with a paper clip. This project is from the new book:
Kazumi UdagawaStationery and other paper products have become not only valuable necessities, but also fashionable goods for artists, designers, students, and all enthusiasts who love paper. Self-made Stationery presents a wonderful array of unique and attractive design ideas for creating your own special stationery and paper products. This book is filled with many photographs and step-by-step illustrations that will guide you in making your stationery crafts. You will be surprised by how your creative skills can be enhanced.
Kazumi Udagawa (Japan) graduated from Musashino Art University in Tokyo. As a designer, she has worked for a sundry goods maker and focused on product planning and development to start up a goods store. Currently, she is a designer for various home products, supplies, and design projects. She also creates illustrations for books and magazines.