We did something almost identical to this in our ward. The main thing that was different is that we had the girls nominate women in our ward who they thought were examples of the young women values. Each of these women were invited to our YWIE program and asked to prepare a short (2 min) talk on the value that they were nominated for. When they received their award they gave their "acceptance speech". After these awards, we awarded the girls for the things they had accomplished in their Personal Progress.