Make cookies. You will need one of each shape for each treat. Prepare dough and roll out to 3/16 in. thick. Cut one circle using smallest cutter and one circle using the second smallest (3 1/4 in.) cutter from the set for each treat.
Invert pop pan and spray with vegetable pan spray. Drape smaller circle over every other pan cavity, pressing to smooth surface. Bake 10-14 minutes, or until firm and golden brown. Cool pan on cooling grid 10 minutes. Carefully loosen bottom edges of treat using spatula.
Place larger circles flat on ungreased cookie sheet. Bake 11-14 minutes or until golden brown. Cool on sheet 2 minutes; remove to cooling grid to cool completely.
Make piñata treat. Make royal icing. Tint portions yellow, blue, red and green; reserve some white. Thin yellow and portion of blue icing to pouring consistency.
Place cookies on cooling grid positioned over cookie sheet. Pour yellow icing over cone-shaped cookie to coat; repeat with flat cookies and blue icing. Let dry until set.
Pipe dots onto hat tops. Use tips 5 and 8 and full-strength red, green and blue icing to pipe different sized dots onto sides of yellow top hat. Pat lightly with finger dipped in cornstarch to flatten. Let dry until set.
Fill hat. Turn top of hat upside down and fill with candy-coated chocolate candy. Place round cookie icing-side down on open end of cone and turn right side up.
Add fringe and pom-pom to hat. Use tip 12 and full-strength white icing to pipe line around the base to secure pieces together. Press shredded coconut into icing to create fringe.
Use tip 12 and full-strength white icing to pipe ball on top of the hat for pom-pom; press coconut into icing. Let dry until set.