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Duck tape that hasn't been wrapped around a hiking pole for two years is even better!:lol:

There are plenty of DIY options as well.
I have looked at wool batting to use in a sniveler type package. Lanolin treated wool batting can give you then benefits of wool with a less weight penalty....

There's a saying that I'll paraphrase. "We pack to our fears."
Someone afraid of the dark will pack several lights. Another person might be afraid of getting bad water, so they pack a filter and two...

Your original post referenced "long hikes" as an objective in using a wool blanket. If by "long hikes" you meant hiking long distances each day, that does not tend to overlap well with bushcraft...

"The warmest blanket for its weight is not a close-woven one but one that is loose-woven and fluffy. An army blanket is made for hard service, and so must be of firm weave, but a third of its Weight...