Lauren
What about blogging about it - your ideas, your process, and your products? It's still not wearable, but at least your designs will be out there. 
Posts by Lauren
This year, I'm thinking of going as Ash Ketchum (thought Rule 63'd, because I'm a girl), and making my friend a pikachu onesie,
I've never heard this, but I've never really experimented much with dyes and printed fabrics. I ADORE that fabric though! I wish I could find something like that where I live!
I'm not sure this will help (I'm not great on technical stuff) but try sewing on a piece of paper (along with your felt). It has often helped to sort out issues for me, especially with fabrics like fleece.
Do you want it 2D (like just 2 pieces of felt sewn together) or 3D (like the Jake plush)? I'd love to try and help and make a how-to if I can.
Do you have an image of what you have in mind, or of what you want the plushie based on?
How much do you have left Something like Pam's Dino Hat (http://www.cutoutandkeep.net/projects/fleece-dino-hat) could be perfect if you have enough fabric.
As Birgit said, Burda does some 50s style stuff. Here's one of their patterns:
http://www.burdastyle.com/pattern_store/patterns/50s-halter-dress-072012
You can browse online, for example here: http://www.burdastyle.com/pattern_store/patterns?creator=6&for=1&most_recent=1&pattern_garment_type=14
Otherwise, if you have a pair of shorts that fits you well, try drafting a simple pattern from those, depending on the type of shorts you want - if you just want something simple and not very fitted, this could work for you.
Hope I could help!