I bet you could add dye and make your own colors. You could make large luminaries, small luminaries, and when the luminaries got deformed, you could toss them back in the pot, melt them down and redo the process all over again. Awesome.
Can you think of a better use for grandma's old doilies than turning them into a chic lamp shade? I can't. Check it out:
I bet the holes in the lace make for really interesting shadow patterns. Maybe you could use paper doilies if you don't have any lace ones hanging around. This could be really cute in miniature, too. Small paper doilies could really spice up a boring set of plain old fairy lights! Tea party chic--that's how I roll.