I think its safe to say that the holidays really brings out the crafty kid in me... I get excited to make everything (except gingerbread houses) and I really love to make ornaments or any kind. I've used salt dough in the past to make ornaments with my daughter. I came across a few "homemade clay" recipes online recently and thought I would try them out. They basically consisted of baking soda, cornstarch and water. I did two batches and honestly wasn't too happy with how it turned out.
It just wasn't as strong as the usual salt dough and a number of our ornaments broke, so I ended up doing a third batch of ornaments but on the third (and final) batch, I instead used the salt dough. So my suggestion is just stick to your regular salt dough. Unless of course you have an amazing "no salt" foolproof, homemade clay recipe. Which by the way I would love to know about!
We did all the rolling on wax paper which helps the clean up... When we cut out all the shapes I put holes in them with a skewer so we could easily thread twine through to hang them. But since I ended up collaging the mooses with vintage sheet music paper (instead of painting them) I just put looped the twine around the antlers instead since I covered the holes.
I know a lot of people do the salt dough ornaments annually, which is a really cute way to create a small Christmas keepsake every year... You could try stamping on the year and name of the creator, or just write it on the back. Whatever you do, these are fun to do with the littles (or without lol).