You can do pretty much what you want with it. You can try to wet it and block it, but as you said, you may have to do this every time. Acrylic tends to stretch when wet and shrink back to size in the dryer, so maybe you can wash it and dry it partially and then block it. The wool content may keep it from stretching too much, though. I wash and dry my Encore things and they do come out looking better than they went in.
What needs fixing on it?
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IngridKH on Ravelry