This is the new board I went with. I didn't change much except now I have 4 picture frames instead of 2, I changed the paper in the picture frame, and I gave the picture the illusion that they were being hung by the string. (The string is really just decoration, it was hung using command strips.)
The red background is fabric from Hobby Lobby. The teal and brown board I got from a local teacher supply store. The picture frames are from the Dollar Tree. The I Can Banner was adapted from a School Girl Style Banner that I edited.
I was really pleased with my results! Do you have an I Can board in your room? I'd love for you to leave pictures in the comments!