After the challenge from michaelpthompson, I thought hard and long about how to do this. The other night, at 1 am when I sat down to watch "The Interview", I decided to do a sample. Doing it in your head is not always the same as actually doing it on the needles!
I used some odd balls of yarn I had handy for sampling. The brown was a bit thicker than the colours (I learned later) but that's what I had.
I did this in the round. In retrospect, I think I would do this flat the next time, and seam up one side. This was knit as a tube, because the reverse side (on the inside) is not that attractive and this is one way to cover it up.
It was knit on the bias. As you know, stocking stitch does not produce a 90-degree square edge, so the bias does not work out neatly. You know this if you have knit a dishcloth on the diagonal -- you get a diamond rather than a square. Therefore, this method does not produce a nice square edge -- there is a slight diagonal pull. This could be corrected by changing the rate of increases/decreases slightly. Or you can simply leave the edge with a diagonal pointed end.
I tried to block this, but because it was made of acrylic, that did not work well. I also touched it with a hot iron, and that was a mistake! I was handling it as I would wool, and simply forgot what acrylic does when a hot iron touches it! (Hint: don't try it) Another reminder to me not to use acrylic for any knitting!
The final decision? This is possible. I think it would be easier to handle if knit flat, increasing in the middle and decreasing at the outside edge, and seam it up along one side -- essentially, a tube. It could be knit in garter stitch but there would be an obvious "right" and "wrong" side, although serviceable.
By the way, the movie is worth about $1.99, IF they also include free popcorn. But it was some noise while I was knitting!