That'll work. You may want to soak it to get any sizing or finish off it. Just lay it the tub with room temp water and let it soak. Gently push it around in the water. Drain the tub. Gentle squeeze the water out. I usually put my wool in a colander to drink excess water. Then I let it dry flat.
~or~
You could put it in the dryer and felt it a bit. It will shrink though.