In large bowl, beat butter with granulated sugar until fluffy; beat in egg yolk and almond extract. In separate bowl, whisk together flour, baking powder and salt; stir into butter mixture in 2 additions just until combined. If necessary, knead gently to form smooth dough. Shape into disc; wrap in plastic wrap. Refrigerate until chilled, about 30 minutes. (Make-ahead: Refrigerate for up to 24 hours.)
Let dough stand at room temperature until soft enough to roll out, about 15 minutes. Between parchment paper or on lightly floured work surface, roll out dough to scant 1/4-inch thickness. Using 2-inch star-shaped cookie cutter, cut out shapes, rerolling scraps as necessary.
Arrange, 1 inch apart, on parchment paper–lined rimless baking sheets. Bake, 1 sheet at a time, in 375°F oven just until cookies are firm to the touch and edges and bottoms are light golden, about 8 minutes. Let cool on pans for 1 minute; transfer directly to racks to cool completely.
While cookies are cooling, knead enough food colouring into marzipan to reach desired shade (if using); roll out to generous 1/8-inch thickness. Using 2-inch star-shaped cookie cutter, cut out shapes, rerolling scraps as necessary.
Brush tops of cookies with honey; gently press 1 marzipan cutout over top of each cookie, lining up points and pressing lightly to adhere. Top with decorating sugar, nonpareils, dragées and/or gold leaf (if using).
Makes about 25 cookies.