Painting on Ribbon?

[that-redhead.livejournal.com]

On Saturday night, my roller derby team (The Queen City Roller Girls) are having an 80's prom/skate party for a fundraiser. All of the roller girls are going to wear sashes and tiaras (so we stand out). However, I'm not sure exactly how to go about making a sash. I was thinking of getting some really wide white ribbon, and just stenciling some letters on it. My questions are: how long does fabric paint take to dry? and what's the best paint for doing something like this? I'm trying to make this a quick project, since I still have to alter my prom dress. Thanks! :)