The yarn I found for this project is named 'Rain'. And it looks like rain. It's grey with a tinge of color. When I washed the swatch, it's actually a lighter color.
I decided to knit this the way it's written--the Shetland way. Where one edging is knit, then stitches picked up and the border knit, then the center. Three additional edgings/borders are knit, then sewed on (gulp).
So far, I've knit one edging, and am working on the border. Yep, slow going. Wish me luck.