I like the idea of the sewn on bow. As it is for a small child, the elastic would be easier to deal with for on and off and I'd be a bit concerned about the long I cord posing a possible hazard since kids are notorious for undoing anything and everything. Just my 2 cents, FWIW.
Cheating is an option. . . . Cheaters never win and winners never cheat, but smart knitters who want to retain an iota of sanity do, cheerfully. ~~Kory Stamper