Anyways, I finally made a decision about how best to create the images in my head about how I wanted them to look: wool felt! I'm about halfway done with them so far, so here's a picture.
Each will have a white cuff with the person's name on it. There will be a few embroidered details, as well as a few snowflake sequins added to the background of each one. I think I will opt for a "less is more" with these - I want them to be whimsical and too much detail can detract from that. The stockings will be lined. I may use fun prints for the insides...will have to dig through my stash and see what I can find!