Cut licorice crosswise into 2 equal pieces. Use small scissors to "feather" end of 1 piece for feather end of "arrow." Attach small candy to other end for tip of arrow.
Use small scissors to carefully cut down center of remaining licorice piece to 1/4 inch of opposite end. Bend 1 side to form the "bow"; trim other side to fit. Dampen end slightly; press firmly into bended bow. Attach bow and arrow to cupid with remaining frosting. Decorate with icings, candies and sprinkles.