I haven't seen one, but I do know that people stitch on ribbon to make a banner like you describe. Perhaps you could stitch on a piece of fabric and applique it to the shirt?
no but that's a great idea! i have 3 granddaughters that would love that.
I haven't. If your software allows you place fonts at a certain degree, you could stitch the "banner" down on both sides and then embroider whatever you wanted on it.;)