Just a few thoughts... How old is old school?
The type face you chose looks modern, so you might consider changing to an older style.
As it is it just doesn't look balanced. There is a lot of dead space beneath the top text and where the ovals begin. Perhaps make the text larger and put it on two lines.
I think the photos should fill in more of the ovals, and if it was a really old poster chances are the pictures would be B&W or sepia toned.
Try warping the candidate's names to match the arc of the ribbons. And rather than placing the ribbons under the ovals, try it on the top so the arch is going in the same direction as the top of the oval.
You might consider putting a border of some kind around the whole thing. It's a good start but I think it could be improved.