Yes it is doable. I have done it. However I have a LA. I'm not sure it would be much fun to do on a DSM. Wool blankets are very heavy, very stiff and scratchy. I did this quilt using an old wool army blanket but I also added a layer of hobbs poly down to give the quilting definition.
http://www.quiltingboard.com/picture...t-t221823.html
The quilt is VERY heavy and VERY warm (I can't imagine using such a heavy warm quilt in Florida)
The quilt does not have real nice drape but that is ok. It is a great quilt to layer up on our bed in winter and I have it hanging up on my wall in the summer
The scratchyness of the wool blanket still sneaks through the backing fabric, again not an issue for me because I use it as an extra layer on my winter bedding
It weighs a ton, as is evident by the sag on the line in the pictures.
I would not hesitate to use a wool blanket again but only in a quilt that i would purpose as I have outline above.