Using size 4 needles and Lion brand fisherman's wool, which in the round gives me a gauge of about 5 stitches the inch, I cast on 116 stitches, and spread them evenly across 4 double pointed needles, 29 stitches on each Probably could have used a circular needle for the beginning, but I will be needing to decrease in a regular pattern, and I hate using stitch markers. One hat I make, I use 8 needles and one to work with, so lots of dps do not panic me.
Plan is: knit 10 rows, do a picot row for a fold (k2 tog, yo across), knit another 10 rows; on the next row I knit each stitch through the bottom edge and the current row, making a nice hem, then continue to knit across until I have a nine inch tube, then after that, do a round that has 4 decreases (one per the 4 needles I have the stitches on, then knit 2 rounds with no decreases, and continue with decrease round, 2 rounds regular until I'm left with 8 stitches on the needle, draw up the last 8 stitches, and add a tassle and the hat will be done.
That's the plan. It's supposed to resemble hats worn in winter during the 1700s. Rib stitch was very seldom done in that time period. We'll see if my plan actually works as planned. The only thing that might need to be changed is the decrease pattern and # of rounds in between decreases. Worth a shot.