I second Homespun. I've made really long and wide scarves out of it for Christmas presents, as well as to keep myself. I wear mine when walking with my dh in the winter. It keeps me snuggly and warm, and it's very soft. With big needles, it knits up really quick.
Incidentally, I just looked at the pattern you'll be making. I have already bought Homespun to make that very pattern for a friend who moved away this year.