Probably the way to go.
I just added some cone shapes to the head of the Spleen Jester I was doing, warped them horribly and then attached sphere shapes to their tips for bells. (Originally had little skulls for the bells but the poly count was getting nasty and they were so small that you couldn't really see them until you pressed your nose to the Spleen and nobody wants to get that close to a Spleen. So I just used blobs).
Then a trim round the base to blend the cones onto the head nicely.
The only notable problem I hit was that I wanted to make the drooping parts of the cones danglymesh so they wobbled a bit... only then I had ENDLESS trouble because the bells failed to remain in constant uniform contact with the dangly cones.
Aside from that, it's a fairly straightforward thing to do.
With my jester hat, texture wise, since some of the cones were to be red and some black, I just used two little textures for red and black and left the red bits a separate mesh from the black bits. Then your UVW activities are totally straightforward.
(PS:- See SPLEEN JESTERS over on the PHoD Things thread - I don't want to go cluttering up someone else's thread with hideous, rubbery Spleens).