Please believe that I truly hope and wish that this is, indeed, a working piece for the cape. I don't want to seem negative in any way.
But, I would advise that you measure the width of the stripe before cutting and verify that this corresponds to Fett's. I know this particular style of blanket, and the ones that I've seen have narrower stripes than Boba's.
I just wanted to give a heads-up before you cut a blanket up that is worth more as a blanket if I'm right.
I really hope I'm wrong, though.