Set up a single piece of 12"x12" basswood in your machine.  The design will fit all on one piece.  Make certain that the basswood is completely flat and not bowed, as bowing will cause the edge of the completed frame to be more difficult to finish (1st photo).  You can see how the plywood jumped up after cutting.

I used a mix of the magnetic clamps plus my own clamps (see https://www.designfind.com/project/33389-clamp-that-bowed-plywood) because the particular piece I used lifted the magnetic clamps up (highlighted in 4th photo). 

After cutting, make certain you harvest all the little parts as shown in the 2nd photo.  The pieces with the circular cutouts will glue to the back side of the frame.  The four half-circle pieces will be glued to the stand piece as shown in the second photo.  It is suggested you use epoxy for this, not CA glue.  The half-circles are cut so that they, when glued to the tangs of the stand piece, will again fit nicely into the circles of the two parts that glue to the frame that I'll call the ‘bearings’.

It is suggested you set up the gluing of the stand piece, and while that's hardening, go paint the hearts so they can dry while the glue sets.

You may also glue one of the ‘bearings’ to the back part of the frame (the part with the engraving).  The pegs of the ‘bearings’ align with the holes in the back part of the frame to line everything up.  Only do ONE of the ‘bearings’ at this point.  Save the other one for when you mount everything up.

After the circles are glued to the stand piece, line up the circles in the ‘bearing' you previously glued to the back.  Then, slide the other ‘bearing’ onto the other side of the stand piece, put some glue on the bottom of this 2nd ‘bearing' and on the back, line up the pegs and insert.  Make certain no glue has gummed up the rotation action.

After the 2nd ‘bearing' is solidly glued, then you may slide in the two small rectangles, gluing them to the ‘bearings’ and also to the back of the frame.  This not only strengthens the ‘bearings’ but also acts as a limit block so the stand piece can't open up too far.  Again please make certain no glue has gummed up the rotation action.

While all this gluing is taking place, paint the open rectangle front of the frame, so paint dries while glue sets.

The larger circles of the stand are optional covers for the outside of the ‘bearings’.  I decided not to use them as I feared I'd gum up the smooth rotation.

The first step here is to take the three larger rectangular strips and glue them to the back piece.  These form the slot that the 4X6 photo will slide into.  Align them all carefully and clamp.

Then you do a second round to clamp the top onto these spacers.  The opening of the top is just a bit smaller than a 4X6 photo so when you slip the photo in from the top, it will be nicely contained.  The opening in the back allows you to take photos out and put new ones in.
 

Do not glue the hearts on until AFTER the frame is fully assembled and glued.  You will have to use sandpaper to smooth the outside edges of the three-layer frame to get a nicer finish, as no matter how careful you are, the edges of the three pieces will mismatch by a tiny bit.  Separately painting the hearts before gluing them is a lot easier, too.

You may want to use sandpaper to remove the dark cut edge on the hearts, and then paint the edges.  You really do need to remove all the dark cut part if you want a nice paint job.  I rushed this to get it into the contest, failed to think of that.

The overall design of the frame came from a pencil sketch (image 1) from my friend Edda Reviol, used with permission.  I converted it to line art using a picture editor, then traced in XCS to get the hearts.
 

The engraved image was generated by AI.  I tried to get AiMake to come up with what I wanted, but it fell short multiple times, so the image used was generated using Google's Imagen 3.