Very nice Flash!
That other title is going to be tricky to do. You don't need to recreate the rainbow effect, the game does that automatically. It can be a solid blue or something. Ideally, I'd like to reuse the balloons and was thinking of having "The" be three balloons, "of" being one balloon, and the dot for the two "i's" being two balloons. Making for a grand total of six balloons. I think you'll also have to line up the new design with the shooting star. Many things to consider in this one.
simon, that red squiggly thing is part of the Japanese logo and is a Japanese character.