If you only have one elephant of each, I wouldn't do 3 listings as that will get complicated for you, what if you don't see the sale for a while and someone buys the other one? I also would not have price differences in the listing and expect the buyer to see that.
What I would do in your case is price your elephant at the highest price and offer name and birthdate to them as an optional extra for 'free' using the listing variations. Your highest price is still a fair price even if they don't get the name and birthdate. This would make life easier for you and potentially bring you a little more income if they decide not to get the customizations.
If your elephants were ones you could repeat easily, then I would do the 3 listings, but if you only have one elephant to sell of each fabric making 3 listings could make life harder for you and cost you more in those listing fees. I believe it is against the TOU to change the listing to a whole new product when you renew or relist, so changing the pic and description to a new item when you deactivate extra ones doesn't look too good (what if someone favorited that elephant and now all of a sudden the pic changes on them?). If they are one offs, I think you should only have one listing.
Good luck!
Rachel