That depends on what the blanket is being made for Chris. If it is a dress Parade rig any one of them would work though i prefer the first update. those tassels are nice as Dress Couture for an immaculately groomed modern Horse..
But if you are creating a rough more realistic look You should ask yourself how leather or wool are worked.I have worked both from the skinning and fleshing to the paterning and final cutting and stitching of Buck Skin , rawhide and leather and even learned to work a rudimentary weaving loom to get a feel of how thread and twine can be worked into rudimentary functional fabric. Fringe on leather is the scraps around the rough cut edges and split for looks. Fringe on wool is fabric taken off the loom and allowed to fray either by long use or intentionally. Both can be used and the unevenness of either speaks of timeless use and realistic wear.
if this is going to be a representational Native blanket they did not have eyelet machines and their fringes were what was dangling off the ends of the cut leather or wool. If this is going to be the usual Modern Show Horse version it works in either version.
I personally am not into "Show Horse" stuff. I love rough cut, hard worn tattered and frayed and stained tac which make everything look utilitarian. And I prefer the fur on the animals to represent the same Mangy, flea bit and matted fur look which are closer to what might have been seen in period images of horses, and other animals in the wild. I appreciate the beauty and "creaminess" as you called it, of the fur used for the beautiful Harry and Puma etc., you are offering here.I would be blind and stupid if I did not praise them highly for their beauty and attention to detain. But to do some justice i would love to ALSO get fur NOT so perfectly wrought for those "images from the wild" renders. So it stands to reason I feel the same for animal tac.
Even if design work or painting is done on it for decorative purposes which has always been done on tac, the shape of the item has to look as if it came off the history books.....for my use anyway.
Of course if I knew how to model I would offer those options but alas I do not and can only beg and hope someone agrees.
I know you can't please everyone but......