I cut a panel from a 12" piece of cardstock and scored it so it would hang down and cover the entire front of my wine bottle. I put a second square of cardstock on the top to make it a double thickness (probably not necessary, but I didn't want it to tear from the weight of the tag). For the opening, I used a 1 3/4" punch and the framed the opening with a larger scallop circle and circle punch.
I used a scalloped card base that I had purchased & trimmed into four pieces and overlapped to make the size of mat that I needed. I cut each piece at the valley of the scallop to make for easy overlapping re-assembly.
I adhered the trimmed transparency to the Basic Grey DP by using mini glue dots under the snowflakes on the stamped image, so they are not visible. And how cool is it that I already have a holiday gift done in June.