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Molding rubber bracelets would be your best choice due to the easy accessibility to rubber bracelets in tubes at any local hardware gather. Be forewarned however, that working with and molding rubber bracelets can be hard and messy to use.
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Sidewalk Chalk: Another classic, kids enjoy playing outside and they love to draw so the gift of chalk brings the two favorites in unison. It's also an inexpensive course of action. You can buy large tubs of side walk chalk and include one part chalk your past party favor bags. Said in a zip bag if you want to contain the mess or worry upon it rubbing on other favors or meals.