It looks like it is nylon, which might make it difficult to do any iron-on type stuff. If you think that you would use it in the future, I wouldn't get rid of all of the extra pockets (I'm guessing you were planning to cut it down).
You might be able to hand stitch on some appliques, or use stickers.
Does it have three grommets at the top? It might be hard to hang as it could buckle up in the middle if you threaded ribbon on the two outside ones.
Sorry that I don't seem to be much "help"! I have seen where people just hung a cutely decorated tote bag...no major FE pockets or anything.
LOVE the idea of reusing what you have, for me it brings out my creative vibe! It's hard to see the material, but just guessing on the fabric this is what I would do:
You can cut it (I'd cut to 4, 2 might look 'too' small) and leave as much as you can fabric-wise on the cut end.
Buy some cute disney fabric - not fleece - cotton fabric. Buy 1/4 yard. Measure the width of your hanging thing, and turn in every side 1" and steam press. It should have a finished edge and be the width of the hanging thing. Make the piece as long as one of your pockets (looks about 6"?)
Use something called stitch witch, and on the folded edges, press it with your iron to keep the edges from falling open.
Buy iron on letters, and 'write' your name on this flap, then use the stitch witch to 'adhere' to the bag, or use fabric glue.
Fill the bottom clear pockets with sand, sanddollars, etc. and seal with fabric glue.
For your pockets, get high quality prints done of anything Disney, and use a glue stick - glue the front of the picture and press against clear pocket.
Have fun, hope this helps!
PS Sorry, looked again and it seems the pockets are fabric/nylon. You can still do the high quality pictures, and 'craft' sew them using a big needle and yarn. Gives it a scrapbook kind of look
) The "white" things are actually clear holders for pocket labels.
All suggestions (no matter how horrible they actually are 
) are MORE than welcomed!!! 
