Whew...now that was an interesting project. I ended up using six full skeins of the solid color and one of the multi color.
I chose not to do the ruffle edging since this is to be for a baby boy and I didn't want it to appear too girly. I just did a simple, plain edging and left it at that.
I liked how the blanket turned out and it's large enough that it will still be useful as he grows.