My "P" project is complete! Overall, it cost me:
$6 for one yard of fabric on etsy.com (plus shipping)
$12 for the P on etsy.com (plus shipping)
$4 for wood to go on frame from Lowes (I had them cut some plywood to match my dimensions.)
Overall I spent around $25, give or take, for a unique wall hanging that I can call my own!