Idea #1: Tinkerbell.
Tirefly LED lights, the kind that are used as valve caps on bike and car tires. Cheap. Easy to find in auto parts stores or the bike department of large chain stores or of course, bike shops.
They come in various colors, and begin to flicker when they detect movement or g-force. Pretty small, but pretty bright, easy to “fly” on some monofilament, no power required, they have their own batteries. The tirefly is about half as big as your pinky finger. Easily dressed up with some craft feathers or leaves and hot glue to look apropriately fairy-like, and the air drag of the feathers or leaves or whatever will help guide it when you swing it around, I suggest a fishing pole and quiet reel. Every time you twitch the monofilament line, it will flash for about 2 seconds.
idea #2: Pan in flight.
My first thought is a Source Four Junior ellipsoidal spot with a custom-made size M insert in the shape of the flying figure, or reversed, the shadow… use gels to add more to the effect. If you had a scroller attachment, you could semi-animate it, sort of. Rosco can custom-cut you the insert but that takes time and money, last time I looked it was a $50 minimum. You can maybe make your own using some copper foil and a PC board etching kit from Radio Shack. You print the shape you want on the foil with a resist chemical, dip it in the acid bath and the acid eats away everyting not covered by the resist. Still not all that cheap, but you could make one overnight at home.
Andy Cidor once published a design for a projector device that runs cool enough you can just print whatever you want with an inkjet on clear acetate and project very nicely without the thing melting. Have to google around for that one.
Idea #3: make your own pan-shaped or tink-shaped filter cap for a $5 laser pointer, and use that from the stage wings.