I personally wouldn't do a rag quilt. You have the start of something really beautiful here. Watch the colors, watch the placement, take it slow and everything will fall into place. Helps to look at 'done' quilts here on the board, and elsewhere online. Something you really like, go for it! I am not saying that a rag quilt isn't beautiful, because they are. I am merely saying as your first quilt if you see something you really want to do, you might want to take the time to do it. Lots of help here on the board and plenty of tutorials online. Learn by doing. And enjoy yourself! Show us the finished project, please!