I bought fabric for my bedroom- which includes the quilt, 2 shams, bedskirt, 3 toppers and pairs of curtains. I bought as much as I could of it since I love it so much.
I have a pattern called Pennsylvania Turnpike which is a throw size. I adjusted the directions to make it fit my bed. Then I found "Cambridge" a free pattern online. Now I don't know which one to do. I love both. I plan on cutting into it once I finish the 2 projects I have in process (quilting the one, have to finish piecing the other). Of course, by then I may have another pattern in mind.
I bought a lot of things on ebay to build my stash. I finally feel I have enough that I could do some real cool scrap quilts as the pattern strikes my fancy. But if I need a gift, I usually purchase the fabric to match the pattern.
So, I guess what I'm saying is- do whatever you like! There's no real right or wrong way!