Thank you for reaching out to The Walt Disney Company with your insignia query, your letter has been routed to us here in the Walt Disney Archives for answering. After looking through our files, we were able to track down some provenance for the creation of the insignia, as well as a color copy of the artwork originally sent to the 503rd Parachute Infantry in 1942.
It appears that Mr. James C. Hite, then 2nd Lieutenant of the 501st Parachute Battalion, first wrote to the Walt Disney Studios on July 28, 1941 formally requesting that a new insignia be designed for the 503rd Parachute Infantry (whose activation would occur later that year). The Studio responded on August 05, 1941, notifying Lt. Hite that they would be able to create a new insignia for the group, but due to a backlog in work they were experiencing, the request would take some time to complete.
We hope this information helps your research, and that you and your group enjoy seeing the enclosed artwork (for reference use only) as a means to better understand your collective history.1