The good news: I just finished the third ball of yarn on the Lady's Circular Cape, which brings me to 6,432 yards of yarn, or just over 3 and a half miles of yarn used so far this year. YAY!
The bad news: I'm not quite to the edging, and it seems that a lot of knitters are running out of yarn on this project--even ones who made it farther than I did with that third ball of yarn. The ones who had purchased clearance or discontinued yarns for this project have resulted to weeping, bartering, and knitting voodoo dolls of the designer, which they pierce repeatedly with size one knitting needles. I don't think my yarn is out of stock, but buying more yarn would be breaking the rules of The Year of the Stash, and having made it 4 months already.....
I don't know for certain that I will run out of yarn, but if I do, it will result in putting this away until 2009, which would be really, REALLY irritating as I am totally enamored of this project. It's soft, it's got sparkles--this is knitter porn. (It being a little safer to make that joke on my knitting blog as Google doesn't generally have as much with it as with my main blog.)
So......with all due regards to Ms. Sowerby and the publishers of Victorian Lace Today, I am opting to distrust them and their advice and am changing the pattern. If I eliminate 2 stitches on the edging, that should reduce the yarn requirements without significantly changing the pattern, and the fact that the edging goes on FOREVER, two stitches less on every row really ought to matter. If it doesn't, I'm making one of those voodoo dolls and digging out my size 1s!