When I was buying supplies to make decorative clock, I also picked up the vinyl record in a size smaller from a charity shop for 50p and decided to use it as a canvas for circular pinwheel painting. Round canvas otherwise cost between £5.25 to £20.00 depending on the size.
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Just cut a canvas sheet of size same as your vinyl and glue it on. I use a sheet from the canvas pad I got from The Works. Then use a masking tape to create triangles so their points all matched up at the center.
Apply a coat of clear nail varnish to seal colours and make a hook (for hanging) by gluing the ribbon.