Blanket Poncho From Heck

Project Stats
Pattern:Patons Book 942, Wrap it Up!  Started:2000 
Yarn: Patons Decor #1672 (grey heather)  Completed: 
Needles: US 7s     
I think I saw this pattern in a Mary Maxim catalog at some point in the early summer of 2000. I ordered it, along with the yarn and needles, and got to work! It was my very first cabled piece, and I slaved over it.

This was before I learned how to make a gauge swatch.

Unfortunately, when spread out over 269 stitches, getting 18 sts/inch instead of 20 sts/inch makes an enormous difference. Enough of a difference, in fact, that not only would it be too big to wear, but I realized about 1/3 of the way through that I was going to run out of yarn! And so was born my very first (knitted) UFO. I shoved it in a basket, put it in the corner of the living room, and have ignored it ever since.

So here are what I think are my choices with this project:
  1. frog the entire thing and donate the yarn somewhere
  2. frog the entire thing, find a needle size that gives me the right gauge, and re-knit it
  3. continue on these needles and turn it into a blanket instead of a poncho
  4. put it back into its basket and ignore it for a few more years!

Here's what it looks like so far:

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