I expect if it bothers you to "borrow" paint chips, there is another way to make this........so let your conscience be your guide on this.
I love the idea though and I am thinking, you could cut out pretty pages from a magazine and cut them to fit cardboard chips you make yourself. Just glue the pics on front and back and proceed like above.
I think you could use family photos too, that is copies of family photos. A mouth here, a nose there,,,you know....I think it would look cool.
I might even like to take the copper or gold metallic tape and warp around each piece to kind of frame it. Then make you holes.
Just brainstorming Y'all....take what you can use.