This listing was interesting, and reveals a bit about the manufacturing process, and available options, back in the day. The Keezer tag attached to the pennant provides some great insight...
http://www.ebay.com/itm/1962-HOUSTON...vip=true&rt=nc
Available "Finish" options included Keko-Knap and Kemco. This Colt .45s Pennant was "Kemco", whatever that is (I think it probably relates to the graphics portion).
Available "Background" options included "All Wool Athletic Felt", "Wool Felt", "Cotton Felt", and "Tackle Twill". I believe Tackle Twill is what we often call the "Cloth" pennants (with the tightly compressed individual threads). This Colt .45s Pennant is Wool Felt, which is perhaps my favorite material for vintage pennants.
Has anyone ever seen this Keezer variation before? This one is obviously a salesman's sample, and could well be a pennant that never even made it to market. Perhaps a one-of-a-kind prototype. I was the underbidder... Did anyone here win it?