Another way to do this, admittedly, without using LaTeX, would be to simply edit the image using photoshop or gimp or something like that. I assume that your version from the point of view of math layout can be quite limited, doing it this way.
Otherwise, I would approve of using tikz.
Are you sure you want to do this in LaTeX? Desktop publishing software might be more suitable for your needs ... Something like scribus might be simpler than tikz in terms of learning curve, depending on what you want to do.
Seamus
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