About a month ago I went to a masquerade mystery dinner party and this is the mask I made. I trimmed a satin covered plastic mask to a better shape, gave it a thin coat of Elmer's/white glue and covered it in light blue iridescent "fairy dust" glitter. After it dried, I added some detail with silver glitter glue and hot glued a string of small glass pearls for trimming.
I must admit that I DID NOT make the butterfly (it was from one of my aunt's wedding flower centerpieces); however all you would need is some feathers carefully trimmed to the shape you wanted for each wing, carefully apply a thin layer of glue and add "fairy dust" glitter. Then you could hot glue it to one of those fat tapered chenille sticks.
I painted a thin wooden dowel silver and after it dried, wrapped light blue ribbon around it. I hot glued it behind the mask and also glued a big bow and a large ostrich-esque feather. And voila!
Most of the time involved with the project is due to having to wait for the glue to dry. Maybe if I had a spray glue it might have been faster?