Don't forget that when working with preschoolers, there's nothing wrong with keeping it simple! One of Kaitlyn's favorite things to do is color in pictures (coloring pages), cut them out with her safety scissors and scotch tape straws to the back to make puppets. She's able to do this completely on her own (as long as mom can stomach a bit of over-taping) -- it gives her a great feeling of accomplishment and can be a wonderful break from more structured activities.
The con of this independence is we have a LOT of princess puppets in our house *grin*
You could also glue small piece of coarse sandpaper onto the back and use these creations on the felt board.
Er, for some reason, she never colors the boys *laugh*