As previously stated, while Hat Kid might play with it for awhile like any other toy at first (depending on what it does), it will enviably end up on a shelf, display case, or somewhere else in her collection of rare and unusual stuff. Probably to be forgotten it's even there in around 1-2 months.
Treasure-hunting is not for the weak of heart. WHAT IS YOUR CHARACTER WILLING TO RISK, AND WHAT ARE THEY WILLING TO SACRIFICE?
While she is rather stubborn and refuses to give up easily, sacrifices are pretty damn lame. She is primarily doing this treasure hunt for fun and curiosity at the moment, not to prove something. So those sorts of decisions would be something avoided all together.
POWERS AND ABILITIES
Describe your character's notable skills, abilities, and powers. This will determine what your character will be allowed to do in-game, so it's very important!
Knowledge of Time and Space - Part of what makes Hat Kid an enigma is that she has an understanding to how time and space fundamentally works. She uses time itself to fuel her ship with magical hourglasses and could travel through or manipulate time if she so chooses. The extent of what she knows is pretty vague though, originally time was supposed to play a much bigger part in her canon until most of it got scrapped fairly early on. Such as the implication of being part of some type of time preserving organization and having an adult form she could have switched between (presumably in a very OoT fashion).
As for what does make it into canon, there's really not a lot concrete, but I headcanon that it is something she avoids talking about. Pretty much everyone that finds out what Time Pieces can do wants to steal them, and the amount of damage it can do to the timeline can be catastrophic. Luckily she can reverse the effects using that same power and control it better than anyone (Including entering rifts, but that's a whole other can of worms), but it's something only used very sparingly, or at desperate times.
Instead, the only actual time manipulation she might do is with her Time Stop Hat, which can simply stop of slow down time for a certain amount of...well, time. Otherwise it's primarily just flavor for some of the stuff she does unexpectedly. Perhaps appearing seemingly from no where, wonky physics, a small hammer space where all her other hats resides, etc. Speaking of which...
Inventor/Crafter - She likes to make stuff. Her spaceship was something she designed and built with space wood, and while the purple top hat is her favorite she's stitched together plenty of other hats too. Every hat has a special power up tied to it (Sprint Hat runs faster, Brewing Hat throws bomb potions, Ice Hat is a ground pound, etc). The umbrella probably was another one too, or at any rate converting it into a grappling hook was definitely her doing.
Parkour - Hat Kid is a 3d Platformer protagonist and thus very agile and bouncy. Can climb and jump on just about any flat surface and be a nuisance. Pretty much the same skill set as Mario if that helps.
Peace and Tranquility/Smug Dancing - Perhaps the one thing she's best known for on the internet. Just some chill vibes and chill music to make life easier. And/Or to really annoy someone.
SAMPLES
Link to threads which you feel showcase your grasp on the character.
SAMPLE 1.
Songerein
SAMPLE 2.
Songerein Part 2