While I really like the individual elements of the ornamant, I think it's a bit too busy. Ornaments are small and the more detail you have, the harder they are to scroll. For example, the text of Merry Christmas will have to be pretty small to fit on the ornament and that will be tough to cut well.
I would suggest using either the dove or the bells, but not both. You may then be able to enlarge the text a bit to make it easier to cut.
Watch out for unsupported bits inside the letters, especially the letter R & A. You may want to try & tie them into the pattern to prevent them from dropping out.
Please take my critique in the spirit in which it was intended. All in all, I say good job on the design. I really think it's a nice gesture on your part and will be much appreciated. Better figure on making this a yearly thing though. Once you've made ornaments, folks will look forward to them every year.
Oh and by the way, make sure to sign them. I take a very fine marker and write my initials and date in some inconspicuous place on my ornaments and every year, people look to make sure I signed them.