I have a five year-old: Chico loves costumes (actually, all three of my boys do). I think it's a really terrific investment to sew up some flexible costumes (by flexible, I mean things that can be multi-purpose, like capes, cloaks, tunics, scarves, hats, belts, etc., especially reversible ones) and throw in a little junk jewelry, maybe. These have had really lasting play value here, and the first thing the boys' friends head for when they come over is the tickle-trunk (anybody but me remember Mr Dressup?? :D).
The other main plaything here is cardboard--nothing gets recycled here until it has been repurposed and reused several times!
peace
minnie