Well I bought 5 yards of 60" black fleece (anit-pilling) today for $20.

Will update as progress is made. I figure at the very worst, it will be nice to wear around the house on cold mornings before the fire warms things up.

It should be a fairly easy project. You don't even need to hem fleece. In comparing the drape of the fleece to the drape of wool, it's not too bad. I agree a lined woolen cape would be a lot warmer, but this is South Carolina, so it's not really an issue 350+ days of most years.

I also saw some gray, coat weight wool. It would make a really nice looking cape. But it was also $24 a yard.