Sounds like a fun project!
A few years ago I thought I'd make stockings for all the family for Christmas. I just used a cheap stocking from the dollar store that I liked the shape of, copied it to freezer paper and used that as my pattern. You do want them big enough that you can fit a fist into them, or make them narrow and long and put bottles of wine in them (depending on the age of your family).
I found I really liked lining the stockings, takes a bit to get the hang of it, but the easiest way is to sew the top edges together (making sure the feet are pointing correctly, and then sew around the edges and leave a hole to turn the stocking through. Cuffs were a bit harder, but I got them down as well, as were hangers (trims worked best!). I made some really nice fancy ones, like a red and green diamond satin design with gold beads at the points, sort of like a Jester's outfit.
But then I realized that I could buy really nice stockings after Christmas at 50-75% off for much cheaper than the costs of the fancy fabrics I was using and I stopped after about 5-6 of my own.
When I was destashing I gave an entire box of Christmas fabrics to some nice ladies who were making stockings for the Forgotten Children's fund, that was a great use of fabric going to waste in my sewing room.