I used the Cricut Craft Room instead of my gypsy to get the sizing right. I had trouble deciding what colors to use on each one. By using the craft room, I was able to change the colors on the layers and see what combination I liked best and which way the name and the monogram showed up best.
For the large monogram, I used Lyrical Letters. They are cut a little over 4 inches. For the names, I used the Type Candy Font cartridge. The names are cut at about 1.75 inches. With the craft room, you are able to just drag the arrow in the lower right corner of the box to adjust the sizing quickly. For the names, I clicked and dragged to select all the letters. I then grouped them together by right clicking and selecting "group." Here are some pictures of the layering with the vinyl:
Overall, it was really simple, and I think they turned out super cute!
I also have another post which shows step-by-step on how to work with the vinyl: