Could you just fold the ribbon like the "firecracker" bow, but with a modification? Cut and seal your ribbon a little
longer than those, twist the spike in the middle a couple of times (just so you can fit more pieces onto the pony-o), then fold that around the pony-o and tack it (a stitch or two? maybe a poke with the woodburner?). Repeat as many times as you need to, to get your desired effect. Then sell 'em like MAD!!!
There's probably a tut for something similar on the girlythings site, except it uses tulle; I believe. Check it out, if you haven't already!
I hope this makes some kind of sense, and maybe even helps! Good luck!