OK, so you are hoding her and giving her the toy and she is playing with it. Now, BEFORE he gets tired of it, PUT HER DOWN. Saves your hands and she has her toy.

Also, I think kittens go through phases much like human babies. Testing things by taste and texture and such. Mock saying "Ouch!" in a sad disappointed voice and put her down immediately each time she starts on your hands. Don't keep holding her and trying to get her to stop; just down she goes right away.

I think other folks will have some good ideas as well.