It's tedious and somewhat limiting, but that might create the effect you're looking for. The problem is colorizing the ribbons. Vector shapes would be cartoony.
And careful though, too many morphing shapes might slow things down.
Another idea is to use video. It would be four main clips…
From an animation perspective, this sounds like a challenge to get it to look correct. You may want to take a video of a single ribbon on a fan. You can either slow-motion it to study how it moves, or add the video to the hype document as a reference (like a locked element that is semi-transparent) and draw over it with the pencil or vector shape tools.