I've got a draft that I'm happy with...the problem I encountered was gauge. In order to get the amount of detail in the picture provided, you would need a really large number of stitches per inch. If you were to knit the draft I'm posting you'll need around 12 stitches per inch to make the entire width of "TEENAGE MUTANT NINJA" to be 6.5-7 inches or 6-7 (6.3 to be more precise) stitches per inch for the word "TURTLES" to be in the right range. If you're willing to increase the stitches per inch (smaller needles...ick), I can do a more detailed chart. It's a fun challenge.
Other notes: I make my graph paper in Excel which limits the width...end result is a two page chart. Print them out, tape them together, and play make believe that's it's one wide-enough chart. My laziness prohibited me from filling in all of the blue background. You'll need to mentally change the white square to blue ones. Finally, I didn't know if you would need a full pattern or just a chart. I've only done a chart, but a pattern shouldn't be too hard. Let me know...I'll need a little more info on the original item. I couldn't find it on the site you referenced and I still don't have a complete enough mental image of what you want to make to do a full pattern.
Alright, enough with the small talk, here's the chart draft.
Added after previewing: I can't work out how to get the pictures to be bigger on the Craftster Photo Hosting site...PM me with an e-mail address and I'll e-mail you full sized images if you'd like.