Try it .. what is the worst that can happen. You may not like it so recycle it to something else, but in the mean time you learn what works and what doesn't. You may love it and choose to do it again just changing some things. I saw throws in an antique store in Atlanta that was made up of the fancy trim taken off clothes . the seams had yarn couched over them and they the whole thing was overdyed one color and the back was some kind of interfacing. they also used some of it to cover chairs.
I took the pictures with my phone so they are not great but I think you get the idea.