I've made the Lady Grey Lace Shrug by Rachel Erin in Knit Picks Palette, colorway Garnet Heather. It took me 2.5 or a smidgen less balls, so I'm at about 575 yards. I am pretty sure I used a set of size 4 knit picks interchangeable needles for this. They might have been 5s but I doubt it.
This was a really quick knit except for the darned cuffs, but since I did that monstrosity of a yellow shawl earlier for the WIP KAL I'd done edging like the cuff edging before and it didn't take as long as it would have.
More pictures here: http://ravel.me/Calophi/lgls