J.G.
I wouldn't necessarily mix a bouncing tent with cotton candy. It could get expensive to clean up. You could do other carnival food like apples in caramel or animal crackers (get the brands that really look like animals rather than blobs). Eat most food off of kabobs. Bean bag toss, pick a duck with a dot for a prize.
Have the kids make masks out of paper plates (or buy the animal paper plates that can be mad into masks) - add rhythm instruments and have a parade.