Hello there! I am an art teacher with training for children ages 4-12. I know that the most important thing for young children, is exploring the process of creating as oppossed to a major focus on an end product. For example allowing them to experiment with the materials and get a feel for how to manipulate certain materials. This helps children to explore their own creativity and develop fine motor skills. Some good processes for children to learn could include: tearing or ripping paper (various textures) and gluing it down, playing with clay or play dough, sandbox play, holding a paintbrush and painting,texture rubbings, coloring with crayons (on blank paper) etc. Imaginative play is also very important for young children. All this requires is a good setting with a few key supplies and the children will do the rest. Silk fabrics, sheets, old cardboard boxes, furniture and dolls or other toys are great for young children to play with.
HOWEVER: I know it IS fun sometimes for kids to have an actual thing to make for a craft project. Let me think about it and get back to you.