I made a quick pitstop at The Quilt Gallery on my trip to Montana and found a great book by Betsy Chutchian and Betty Edgell.
Cotton & Ewe: Quilts Pincushiuons, Pillows and Wallhangings looks like a quilting book from the outside, but on the inside, there are countless project ideas for people who love felted wool.
This wool throw is made from recycled wool sportcoats and skirts. It's very simple to make and masculine enough to give a guy as a gift.
If you'd like to work with recycled suits but need a smaller project, you might try making an acorn pincushion.
Simple instructions with photos are available online at Old School Acres' Acorn Tutorial. Have fun!