I decided to go ahead with the blocking. We'll see how it eventually turns out, I think, in a few days' time ... cotton takes a long time to dry!
In the meantime, I'm playing with the Lion Brand Cotton Ease. The suggested gauge on the label is 17 stitches + 24 rows = 4" using US8. However, I am happier with the drape of 20 stitches + 28 rows using US7. If I go down to US6, I may even get a gauge of 23 - 24 stitches. I think this gives more possibilities to the yarns.