Created a gauge swatch:

Cast-on 30 sts
Knit 4 rows garter
Knit 26 rows in this manner:
Odd: Knit whole row
Even: Knit 4 sts, Purl 22 sts, Knit 4 sts
Knit 4 more rows garter
Cast-off

Pre-wash, measures:
8-8.5” wide
6-6.5” tall

Post-wash, measures:
6.5-7” wide
5-5.5” tall

So, lost roughly 1/2 inch around. I did not block.

Wash on hot/cold, regular wash, with a bunch of towels and other heavy material, in a net bag. Let it go through full cycle. Put it in dryer for a good 2 hours along with other rough materials. This one felted much better, however, the yarn is very rough still, and therefore unpleasant again for anything close to the skin.