Ponchos Are In Again

A while back I wove this luscious cloth using chenille, glossy cotton, loopy mohair, shiny ribbon yarn, and a variety of other textures and fibers. It's 30" wide and 2.7 yards long. I've been debating as to what to make from it and have calculated there's enough yardage for two ponchos. The question is, what style do I want to make?

I've decided the first poncho will have a V-neck in front and a shallow curve in back. The fabric is fairly heavy, so I'm reluctant to line it, even at the neck. I've changed my mind about how to fashion the neck several times in the last week. Should I use a facing? Should I bind the edges?

Just before I fell asleep last night a new option occurred to me. What if I either serge or securely zigzag the neck edges and then pick up stitches around the neck and knit a collar? I'm leaning towards the zigzag option because I think serging would make the edge somewhat inflexible and possibly uncomfortable, although the garment won't be worn against the skin, so maybe it wouldn't matter. Serging would create a more solid edge.

Then, should I knit, perhaps, three rounds of ribbing and bind off? Should I knit a wider collar? Should I use moss stitch or double moss stitch instead of ribbing?