We used the dough idea for Xmas ornaments one year (there are about a zillion recipes on the Internet, in books at the library, etc.). We made balls of dough, then used a cookie stamp to press them out into sorta flat shapes. Poked holes for a hanger, baked, painted with tempera and glitter glue.
Speaking of glitter glue, another ornament we did was putting glue on craft sticks, dumping glitter on (very popular activity), adult hotglues 3 craft sticks into star shape, add string for hanger.
Dd fingerpainted in red, pink, etc: I cut heart shapes out of the paper. We glued to cards, added stickers, etc., for Valentines Day.
Bookmarks. Seems like you should be able to do something with picture frames, too.
Handprints can also go on t-shirts, aprons, sweatshirts, placemats, oven hotpads, Christmas Tree skirts (if it's something washable use fabric paint, otherwise tempera's o.k.) and into wet cement (we did a stepping stone for Grandpa's garden last year with various footprints and colorful stones -- this project needs at least one adult for every child!LOL)
The most important thing is to remember that it's process and not product at this age. Also, don't try to make too many of any particular thing, as it can get boring.