In advance: Make fudge. Prepare pan by lightly spraying with pan spray (to hold parchment in place) and lining with parchment paper. Pour in fudge; chill at least 2 hours to set. Let return to room temperature before cutting. Lift parchment paper to remove fudge square from pan.
Cut diplomas using cutter from set (spray inside of cutter with pan spray before each cut for easier release). Set diplomas on parchment paper-covered board. Decorate with melted candy in cut parchment bag. Pipe white outline. Outline and fill in red bow. Chill until firm. Store in airtight container at room temperature until serving time.