Do ponchos like frog ponds?

Do you remember the poncho I began a couple of weeks ago?

Well it's now in it's second incarnation. I had to rip if off the needles [I needed that particular circular needle] and I realised that I was doing the increases too close together - every second row. I decided to rip it back and do the increases [eight stitches] every fourth row.

The new version is looking really good and has hours of work in it; even though the yarn is harsh and plasticky and I really don't like knitting with it. The poncho is now 13 inches from the cast-on neckline to the front 'point'. I've realised that it's too big for a child [although children's heads are big in proportion to the rest of their bodies] so it could easily be an adult's poncho except that I was never going to have enough yarn for an adult poncho. Even if I pull out that disastrous sweater I attempted to knit as a trial for a larger project.

So right now the poncho is in the "I'm not sure what to do with this" corner. I have three choices:

1. keep going and make it a child's poncho i.e. 16 inches to the 'point' - I may have enough yarn to get that far
   
2. try to buy some more of this awful-to-knit-with yarn [Panda Baby Lustre 8ply] and make an adult poncho which I'm sure someone will love - it's a nice design for a poncho, the yarn is a pretty colour and has that fashionable 'bling' with a sparkly thread through it; it just doesn't feel nice when knitting!
   
3. rip it all out and use the yarn [must I?] for something else

I'll let you know what I decide!

PS Sorry, C. no photos - I haven't taken any. I'm writing this at 12:30am and I have to get up early for my Big Day Out!