I don't fancy myself a composer, nor have I even taken the trouble to devise and write out transcriptions. The creative activity I do excel at (because I have a good ear) is musical paraphrases. This talent is both good and bad. It's good in that I can re-create a rendition of a piece without ever opening the sheet music. The bad news is that if I really enjoy my paraphrase, then I might never get around to learning the real piece.
For example, I have Earl Wild's excellent piano transcriptions of a couple of Rachmaninoff's songs, "In the Silent Night" and "Floods of Spring", but have never found the time for them. (I have played both of the original accompaniments though.) Because practice time is very limited, I prefer to invest instead in more serious repertoire of higher priority. The solution? I created two fine paraphrases of those songs. Admittedly they're not as clever, virtuosic, or as idiomatic as Wild's transcriptions, but still most satisfying to play for my own amusement all the same.