I made these booties out of some scraps I had. I would say they took less than an ounces. Which is interesting as the pattern said 2-3 oz.
This was the first pair of booties that I had ever made and they took about 1.5 hours. If that. They are being mailed to baby Quinn in Arizona.
http://www.ravelry.com/patterns/library/rolled-cuff-baby-booties
Yarn: lollytree scrappy set.