Whisk together first 6 ingredients in a medium bowl. Add oil and egg whites, whisking until smooth. Whisk in water and vanilla extract.
Drop a rounded teaspoonful of batter onto a well-greased baking sheet. Using back of a spoon, spread batter into a 3" circle. Repeat procedure with another rounded teaspoonful of batter. Bake at 300° for 10 to 12 minutes or until light golden brown.
Working quickly, immediately remove each cookie from pan with a spatula, and flip over into gloved hand; place prepared fortune in center of each cookie and fold each cookie in half. Grasp end of each cookie, and place over the edge of a bowl, drawing the edges down to form a crease. Place cookies, ends down, in muffin pans to maintain shape; let cookies cool completely. Repeat procedure with remaining batter, baking 2 cookies at a time.
To decorate, microwave vanilla coating in a small bowl at MEDIUM (50% power) 2 minutes, stirring after 1 minute. Dip outer edge of each cookie in vanilla coating, and then into red or purple sugar; set aside to let coating harden.