S.C.
Of course she wants to be just like Mommy :) But, like others have said, it's time to set limits. She can wear the lipstick when it's dress up time, but not when you're going out in public. What about getting her some of the chapstick that's colored? My daughter has some that's just slightly pink. I think it came from Avon, but I won't swear to it. The label is long gone too! LOL!
As for the bracelets, get her some of her own play bracelets. If she wants to wear them out, it's not a big deal. I wouldn't put a diamond tennis bracelet on her, but some fun little plastic bangles, not a big deal. My daughter is 3, almost 4, and she goes through dressy phases. She likes to wear her dressiest clothes to the grocery store. For me, it's not a big deal. I don't particularly care if she wants to wear her Sunday dress, tights and dress shoes or a whole armful of bracelets. I know I like to dress up and feel pretty :) Heck, sometimes I even let her wear her dress up costumes. Not a battle worth fighting!
Stop giving into her tantrums. By "obeying" her, you're teaching her that SHE's the boss. That's a horribly slippery slope that you DO NOT want to go down! Setting limits and boundaries is NOT being nasty. It's giving her structure. Just think, when she goes to school she's going to have structure and limits. You want to start that now so that when school comes she's used to it. Learning that we can't always get what we want is a very valuable lesson. Learning it early one is just as valuable! :)