I did this craft a few years ago and decided to revamp it as the sole lantern I had was starting to show a lot of wear and tear. I was able to find some orange and green lanterns on clearance at Pier One. I went ahead and bought a white one at full price however.
You can really do any design that you desire. I had an old bat template from Martha Stewart a few years back that I used. Here is the new one put out by her camp.
I also had a Fleur-de-lis stamp that I used for the white one. The shape of the lantern makes it impossible to do it everywhere. Even though it originally was what I wanted to do, I stuck with just putting it on the top and bottom.
If anyone decides to do this, I would love to see the design you came up with