Since you have a stage, I'd have them create their own fairy tale using the characters they are dressed as as the characters in the fairy tale skit. We did something similiar last year and it was the best activity/game we ever had.
It started as an idol elimination thing and the ones who made it to the final round were split into two teams to 'perform' and the audience decided who won. This is the video of the final performance. Its in dutch, but I think the enthousiam comes over even in a different language
