A crocheted paper hat.
A flouncy collar bow. I can not believe that this thing would be comfortable.
My favorite idea is crepe paper toy critter making.
To make most everything in this booklet a tool called a Dennison Crepe Paper Twister is needed, as seen below (not mine, just an image I found):
These Twisters can still be found on ebay.
I have never considered wearing a paper hat out on the town unless I was doing it for a laugh. I don't think I could bring myself to putting that much energy into this hat beforehand with all the paper twisting and then crocheting it. I would have to be having one really bad hair year. But with it only costing 15 cents to make, it certainly was cheap. I can see it would be something that would intrigue crafters as a challenge, turning paper into a yarn and then making a fairly classy hat that certainly does not look like it is made out of paper streamers. That's some serious bragging rights.
There are a few other projects in the booklet a bit more far fetched...such as directions to make paper curtains with decorative paper tie backs and tassels!