I made this with Comfort by Berroco. Its half nylon, half acrylic and had a nasty tendency to split. But the colors were right and it can even go in the dryer. It was made for a 6 month old so wash-ability is much more important than any other feature -except perhaps safety. And the final product has a nice sheen and a tight fabric.
Sean was super enthusiastic about a toy with tentacles for his son. I think the monster quality is appreciated.