I believe the sewn pieces were not uncommon. Look at the different stitches at the various seams, Chris, and you'll see that overall it looks almost like a sampler
I wonder how many of these sewing projects have been taken apart by someone in the business, vs by someone at home? There are many BF2 pennants out there with needle holes all the way around. A couple board discussions from years ago indicate that at least two large blankets of BF2s were broken up by dealers and sold as individual pennants:
http://www.net54baseball.com/showthread.php?t=78123
http://www.net54baseball.com/showthread.php?t=65258
Bill