Both my boys did similarly, mainly with my shoes (not Dad's). I would just make sure that they have other fun clothes and shoes to dress up in. They still wanted mine. And, They are ALL BOY! Don't react at all. Don't be too pleased or too upset. Just do as you are doing. The only other thing is that you may just provide some of your clothing that they can play with as well as some of Dad's, but the other stuff is off limits because they are "messing up your clothes and closet". Provide a few stuff, like T-shirts, scarves, hats, belts, etc. Let him have fun, but tell him the closet is off limits, especially the lengerie. Eventually, the skirts and aprons became capes and head wraps. But it began as dress up. If he looks too much like a lady, then you might say "you're not a girl. Here, try it like this. And, then change HOW he's wearing it and laugh and be pleased with it. He will adapt it eventually, even if he won't admit it the first time. He will want to please you in the long run. I wouldn't let my boys purposely look like ladies if that is the intent, that would be biblically wrong. But, just the fact that they are dressing up in my clothes and shoes isn't a big deal. You can influence them with your opinions and praise. Just keep offering them both.
My boys also play(ed) with dolls. They just do so differently than girls. Dad's hold their babies and I want to foster that. But, I don't let my boys behave in a feminine manner. I don't focus on the object, but more on the behavior. It's something that has to be taught. When my son saw how my daughter would have her hair fixed, he wanted it too. It was the attention. So, I would say, no ribbons won't look good on boys. But, we can put in some gel. Or this hat would look good on you, etc.