Thank you so much for the responses. I'll try something like the placemat. After looking at some felting sites I think I may be able to come up with something. One listed some before and after sizes to help explain how much the item will reduce once it's felted. I'll experiment and see what I can come up with. It thought it just might be fun to have a unique cover for my knitting pattern book. I'll post a picture of the finished product once I get it figured out.
Once again, thanks!