I used the Snowflake yarn to make hats for the neices and nephew, then I used the left over in sweaters. I made plain white sweaters, then added pockets and elbow patches with the snowflake yarn. It turned out nice and they thought it was cool the sweaters matched their hats. Good luck.
The 2002 issue of Knit It has a cute kid's hat and sweater pattern that uses stripes of white "Lion Brand Polarspun" between other colours. The set calls for 2 balls, but for the hat I think half a ball would do it.
There is another pattern in that magazine for a pink and white polka dot hat that might be able to be done with the amount you have too.