I actually had a project in one of my graphic classes to make a design with three letters.......I picked DMT and it was actually pretty cool it was just three different types of font placed so that it flowed really nice.
I would try using different fonts and maybe colors if you're into that, just keep messing around and you will find something you are really happy with.
Plus doing it yourself will make the final product something that you can be that much more proud of!
I agree it is a good initial sketch, I'm sure with a few more tries you will get something nice.
Also don't just try to elaborate on the one sketch but try drawing a few that are COMPLETELY different, it will help you get a better idea of how things can work together.
'Little spider weaves a wispy web, stumblin' through the woods it catches to my head. She crawls behind my ear and whispers secrets. Dragonfly whiz by and sings now teach it.'