Here's what we ended up making:
Just in case you can see the words very well, the paper hearts say:
You're write on!
I had the kids trace a heart on pink paper. After they cut the hearts out, I punched two holes for the pencil. Then, the kids wrote the message and decorated the hearts. I put the pencils through the holes, as the hole punch was just a smidge smaller than the pencil. I had visions of many torn hearts!
Of course, this was also a great time to talk about homophones and why this is actually a "punny" little valentine.
The kids are thrilled to be sending these special valentine's across the country!