I tried this out to make guest slippers. It took a bit of work through trial and error. The real problem is that thick felt like that is really expensive and the thinner stuff doesn't hold a shape as well
x Fancy purse/pouch. Could make in either fabric (good embroidery display item!) or leather (if I do one in leather, I'll use dyed sinew to stitch the edges and make a tassel of silk floss in a matching color).