I’m posting after the fact, but after having the idea pinned for a year or two, this year I finally made an ornament wreath.
I used the coat hanger method, which ended up working pretty well. Tutorial found here: http://www.shelterness.com/diy-christmas-wreath-from-round-tree-ornaments/
I was skeptical at first because the ornaments didn’t seam to lie in any particular/orderly fashion as I strung them, but you really have to pack them on tight and then it gets that nice layered look. I found what worked for me was to string them in alternating groups (i.e.: matte, shiny, glitter; shiny, matte, glitter; glitter, matte, shiny). When I initially did it and strung them in the same pattern (matte, shiny, glitter; repeat) I ended up with all the same finish up front and in the back and the wreath didn’t have the same depth. I bought the ornaments from Lowe’s and spent around $20-24 for almost 100 ornaments. Tip: Lowe’s/Home Depot is a great spot to look for ornaments. I bought all the ornaments for our tree there years ago. They have a decent selection (variety of colors/finishes) and the box sets are reasonably priced. In the end I used about 3/4 of the ornaments. The dollar store is also a good option for ornaments. You’ll certainly spend less there, but you will also have to hot glue all the caps on the ornaments as they come off easily. The caps on the ornaments I bought from Lowe’s were pretty secure so I skipped the hot glue step. As I strung them on and the wreath filled out, one or two caps popped off but I was able to easily pop the ornament back on. To close off the wreath I had my husband create a hook and latch closure with the coat hanger. I hung the ribbon from the hook, instead of tying it around the actual wreath like most of my inspiration photos.