My wife wanted a board for her classroom to put puzzles together that could be moved into a back room. She wanted felt on it. We started by picking up a decorative "trim" (it was a moulding from Home Depot) and a large plywood sheet. We cut the trim down to size, and then glued them into place. I'll tell you, I found a new use for tie down straps - they make good clamps for the gluing process.
I did have to glue some added support on the underside to keep the edges from being broken by classroom kids.
Once glued, I coped the corners, sanded it down, and learned that it was no longer going to be painted. She wanted it stained.... dark. I used a dark walnut stain. I did the bottom side of the board, but left the front side so that it can still have the felt added. Surprisingly, the plywood doesn't look so bad.
I still need to tack the felt down.