I scaled down a 2008 reprinted Vintage Vogue hat pattern to 33% and used some washing machine felted woven wool twill. Most of the unfinished exposed edges are on the bias so I don't expect it to fray very much.
I'm working out just at what angle I want Amelia to wear it, and then I'll make a buckram liner, and figure out how it is supposed to stay on. Hat pins, I expect.
The instructions for view B (this one) in pattern #7464 are infamously obscure. I spent more time staring and muttering then sewing.
But it came out hat-shaped with pointy bits on top so I'm happy. I'm looking forward to trying it in wool felt.
I never thought of shrinking hat patterns. You did a great job!