I'm trying to do this same thing but using a deep cut blade on my cricut expressions 2. I've got heat n bond on the spandex, but having horrible results. It's just stretching and tearing.
I'll be using glitter heat vinyl, but I'd also like to use spandex or glitter lycra to match a few designs in these bows.
Let me know if you find a setting that works well. I've played around with mine all night and it's just a hot mess.