It's done! Weighs a ton, feels like a luxurious, unbelievable lush, thick, velvety, shag-pile, roll-around-on-it marvelous thing. Quite happy with it actually!
The rug is 74 x 140cm and is made using mostly silks, rayons and otherwise exotic fabrics. I've used cloth from my vast stash or op-shops, plus a tiny bit I bought new because it was the right colour and it's my money!
The strips were cut slightly off-grain, to avoid fraying as I've not used any stretchy materials.
I cut them between 2 and 4-5cm wide, depending on how thick the cloth was, then about 5cm long (by winding the strips around two sandwiched 2.5 wide cardboard strips and slipping the scissors in between to cut one edge, like you would a pom pom).
I joined the '10 minute a day' group over on Rug Hooking Daily, which was effective because I made sure I did at lest 10 minutes, rain or shine, and that (of course) translated into 20 minutes or 3 hours! Plus it kept my interest.
I thoroughly enjoyed the process once I stopped cramming my progs so close as to be difficult and slow! I'd wondered if it'd be the only one I ever made! But now I can't wait to start another.