Wrapped in Tradition

I just joined (thanks, Tipper!) and I was wondering if anyone has knitted the Wrapped in Tradition poncho from Wrap Style. I plan on making it for my sister's wedding gift. I checked the archives and I didn't see where anyone had made this one yet. If anyone has, what have your experiences been with it? Any ideas for yarn substitutions? I am trying to avoid the mohair since it will be hard to rip back if I have too (and with these stitch patterns, I foresee having to a lot). Any suggestions would be appreciated!