morganskye | Calling all costumers and crafters!!

I need help making a decision. I'm making a Professor Umbridge costume, starting with what I have already in my closet. By luck I have an old 100% wool cloak. Unfortunately it's a purple/pink with red specks, which doesn't quite work. I also have a pink dress to go underneath.

My problem is that I don't know whether I should dye the cloak. I've had it for years and have never worn (it was a gift). It's 100% virgin New Zealand wool, so I'm hesitant to dye it. My main concern is that it will shrink. It's already 'perfect', so any shrinkage will make it unwearable. I was thinking of using RIT powder, which requires hot water to work. Is there a cold/wool dye out there? Any ideas? Below are pics of the cloak with the dress, and an natural light shot.