You have seen some toys that are for kids with wooden or plastic mallets to pound pegs through however many times this is geared to a lower age group. Many times by the time the kid hits about 3 they're done with this toy looking for more bigger and challenging things.
One thing my son loves to do is use scraps of wood, nails and a hammer to pound or make things out of. Now I can't say I'd trust the sturdiness of his projects but the ability to pound the wood is very theraputic. This is obviously a task that requires adult supervision at all times especially with a kid with sensory issues. You might find you may have to assist them by starting the nail very firmly in the wood. Also, I would highly suggest the hammer you use doesn't have the claw on the back.
If your child is older something that might be a little bit more challenging and rewarding is building an actual product and figuring out how to put it together. This is great for busy little minds and bodies. Simple projects like boxes, birdhouses, bookends, and so forth are fairly easy to do.
If you want to spend time together building something what things like T-stools, tables, benches, shelves are all other things that might get their interest and allow them to do projects and have quality time with you.