WOW! All I can say is I hope someone sees this when I bump it up by posting so they can help you. All I can think of is carving out some rounds for the hat part out of cake and using gumpaste/fondant pieces for the other parts.
I would carve it so that you're looking down at the face, not looking at it head-on, to start. Like it's on its side.
I found a slightly better picture for you. Sorry no help on making it.
I am going to go for it! Keep your fingers crossed