You pay almost as much for a solid color jelly roll as you do for a regular multi fabric jelly roll. I can buy some nice newer-ish sheets at my Goodwill on senior day for between $3.50 and $4.00 for King and queen size.
I have a Accuquilt Go machine, and recently purchased a pretty beige colored King size top sheet, and cut it into strips with my Accuquilt in no time. I didn't count them, but looks like I have enough for two or three quilts. I do not know what the thread count is, as the label only states that it is 100% cotton. But my quess from the feel of it, it is probably a higher thread count, so I not sure how great the difference in shrinking between fabrics would be.
As my sheet is pre-washed, and my pre-cut strips are not, I would most likely try this on a quilt for myself as opposed to a gifting quilt.