I have the most beautiful hand dyed hank of yarn that was a gift....however, there are 150 yards only.....
BTW, Here is a picture of the yarn and color that I have
http://www.colinette.com/sess/utn;jsessionid=154422a47b5b0c7/shopdata/0020_yarns/0007_wools/0080_skye/product_overview.shopscript

and I would like to felt a small purse.....anyone have a pattern that you think might work?

Here's a cute small felted purse
http://www.knittinghelp.com/knitting/forum/viewtopic.php?t=10494

check out Knitting Pattern Central (www.knittingpatterncentral.com) for other patterns, too.