Can I Make This?: Felt Organizer

So, in the perpetual quest to improve my guest bedroom, I'm looking to rid myself of my red Ikea Helmer filing cabinet that holds an assortment of craft items in that room.

Truthfully, I could manage to pare down my crafting supplies and I think this cool felt organizer is just the thing to me motivated... 

Spotted over at Apartment Therapy in Annie and Paul's House tour:

(via Apartment Therapy)

As well as on Casasugar:

(via Casasugar)

...But the main theme of this blog is my cheapness, so naturally I'm not willing to shell out $70 for Mio's Grid Wall Pocket Organizer. I can be pretty clever, so tell me, could I replicate this?

Our modern crafting maven Martha regularly recommends using 100% wool felt from Magic Cabin. Their 18" x 18" squares come in dozens of colors, and retail for $8 per square. 2 pieces seamed together strategically might just do the trick...

(via Magic Cabin)

Once I gather my supplies and start working, I'll be sure to report back. Wish me luck!