Today, I have made more progress, I completed the stripe of color 2. I was originally thinking about a 4 inch width, but decided to stop when it felt right. It turns out, the stripe is 3.5 inches wide. Not too bad, estimate wise!
I also measured how tall it is so far, just for reference sake, and it's 9 inches tall so far. I have yet to measure the diameter of the bottom circle, but I will at some point.
So far, I'm liking this bag. I am a little concerned about the diameter of the bottom, worried that it's not large enough. It's the same number of rounds as the first bag I made, but it looks smaller. I will never know, since I didn't take any measurements of the first bag, pre-felting.
At this point, I would like to say that if you wanted to make this bag smaller or larger, it will work. Since, if done correctly, every round will have a number of stitches divisible by 12, therefore also by 6. That's the math I used to divide it, when I decided how to do the handle.
I have considered reducing the number of stitches in the last round or two before the handle step, as the original bag is kind of wide and a bit floppy at the top. My consultants have both agreed that they like it that way, so I will soldier on with the original plan. But you could K9, K2tog all the way around the top, and still have a number of stitches divisible by 6.
OK, I think I'm done second guessing myself for today. If anyone has any questions or comments, please feel free to post them here. I've tried to take photos of the original bag, but it's black, and isn't cooperating. All photos haven't come out well enough to be posted here. It just looks like a black blob. Phooey.