Oh, wow, yes I see you will need a very dense stitch pattern! Here is something, although maybe too much purl stitch
Or this one, says it is good for purses, but I am not sure how it would work with ribbon.
Be sure to post a pic when you are done, I would love to see it!
I knit, therefore, I smile
Another felted bag
Mrs. Beetons Wristwarmers
On The Needles:
Silver's Palindrome Scarf - in Patons SWS Natural Pink
Feather and Fan Shawl - in Estelle Cadenza