I have made polyester double knit quilts any time I've had double knit fabric. I give them to people in homeless shelters that have no heat at night. They are really warm and durable. I made one, a Broken Dishes pattern, on the serger, and a number of people wanted it. I've made others, and also backed cotton quilts with double knit, which I think then needs to be quilted rather than tied. I made and kept one king size double knit quilt, and it has been used on the couch, on the bed, and for camping trips daily for 18 years. A couple seams popped and I fixed them, but it's still going strong. A 100 percent serged cotton quilt I made the same year has just been retired. I find that a Singer 401 handles these heavy quilts easily as well.
One thing I did learn: use the same weight of double knit for all parts. A lighter weight will eventually tear.