Can do all of the things you mentioned -- is your quilt/project
Depending on the fabrics and thicknesses, a rail fence may or may not react well to being put on point. A setting 5 blocks down x 4 across uses 32 blocks, and would require fabric for the setting triangles. It would (without borders) be roughly 72" x 90".
Lately, I've been putting orphan blocks on the backs of my projects, or I have a lot of leftover fabric from this year's Bonnie Hunter and I am thinking pillow cases/shams...