I bought the most beautiful deep luscious RED 100% wool yarn from Interlacements during the Taos Wool Festival. There are 200 yards in the 16 ounces of bulky yarn. I had to have it because of the color alone. I don't know what to make with it. It is ITCHY as all get-out, so a scarf is OUT. I don't dare felt it because the color might fade. I was thinking about maybe a throw to put on my sofa, using big needles. It is just such a beautiful color. I'm tempted to just set the wad in a bowl on my coffee table and just drool on it.
I don't wear hats, don't use mittens too often in Texas... Don't think I could stand the itchiness anyway.
I just had a similar dilemma with my 240 yds of mohair. I'm really pleased with the "Little Wrap" I made. I improvised the pattern after looking at the picture on the Knitpicks website. I think 200 yards could be enough, depending on the size you need. You wear it over something else, so scratchiness isn't a problem.