I've used Rayon (Madeira) and the like in wall-hangings and a table mat. It was no bother to FMQ, but I did go slower than usual.
I think King Tut's variegated has a slight sheen and as it's cotton it'll hold up well. I think Barnyarns will post to you (sorry - couldn't post a link s the site is down for maintenance today) - they have good range.