Well... it didn't do much shrinking at all. In fact, it only shrunk about an inch and that was AFTER two wash cycles (hot water on low water level, a pair of jeans, 100% wool, a bit of dish washing liquid, and put both into and out of a pillow case and THEN dried in a hot dryer).
But it's actually a good thing because it's the perfect size to hold all of my crochet hooks (it was for the Kluster crochet hook holder pattern). So it worked out in the end. And when I make one for my MIL, I'll know how big to make the piece before I felt it.
Thanks for all the help!