There have been some lovely suggestions already so please have a look at some of the pattern links. The nereid fingerless gloves based on Cookie A's pomatomus socks look lovely or you could knit the pomatomus socks instead:-) There would be enough for a small shawl or scarf like these lace scarf suggestions - Madeira Cascade and the checkerboard lace scarf.
my small magenta Ishbel shawl
Or if you feel up to a more complex lace challenge, you could get a small Ishbel shawl designed by Ysolda out of one skein, but you have to pay for that pattern, or knit up a gail aka nightsong shawl - like the one I'm presently working on over on the sidebar - but you have to be in ravelry to access that one but its free.
I've not finished my nightsong shawl yet but you can have sneek peek:-) I just love this pattern!
I'm getting into the swing of it now so it shouldn't take me that long to finish! Just got to remember not to knit this when I'm tired as I spend more time taking back my mistakes than actually knitting the lace!!
Good luck for today's competition and in answer to a query, you don't have to add a link to your entry, only if you had a specific pattern in mind. But it's very interesting to have a look at all the pattern ideas that are coming in from everyone - lots of knitting ideas to add to our to-do lists:-)
See you tomorrow!