Hang rubber cocks from it?
I can't foresee anyone out-gaying this suggestion
Hang a bunch of anatomically correct My Little Ponies?
For now I've got one of those big black ribbed plastic snakes around the shaft, I don't think it would support much weight so the rubber cocks idea is out.
Do it how they do lights. You hang a chain from the ceiling, then the cable runs down the chain. You can hang what the hell ever you want off said chain.
Option #204350245 - Print out a picture of everyone at the office and cut out a bunch of those strung together paper people things, glue everyones face to the little paper people and have them all holding hands in a spiral up the cable.
edit: Or fairy lights