Along the lines of Justin B's above post Scott, if your primary concern is tearing up/damaging a nice down quilt or sleeping bag, check out the thread about the walmart brand duck down sleeping bag that they rate to 32 degrees (not realistic though, probably closer to 40?). It's quite inexpensive (way less on average than a new and good quality wool blanket), and extremely low weight and compact-able compared to a wool blanket. If you do happen to damage it, not a huge deal.
You seem pretty set on the idea of a wool system though, so might as well at least try it. Self experience is the best teacher and converter of belief systems.
But unless you were living indefinitely in the backcountry with no civilization amenities etc, as in some kind of collapse or break down scenario (or unexpected homelessness which is happening more lately than people would like to contemplate), a down bag or even synthetic bag is in many ways superior to a wool blanket. This is BPL you are on.
I confess that my wife and i have "bugout" bags in case of some future difficult times, and yes, i'm definitely putting a couple of wool, alpaca, and/or blend blankets in there along side some very light weight quilts, but that's for a very different purpose than a typical hiking/backpacking trip. I'm also less concerned with weight with my survival gear/bug out bag, because i'm also going to be using a lightweight, modified bicycle trailer to put a lot of my heavier stuff in to push or pull depending rather than carrying it all on my back (my lighter and most essential things will go in my 70L G.L. Jam pack).
As far as decent quality wool blankets, i had picked some up on Sierra Trading Post for relatively inexpensive, or rather quite discounted from original prices. For example, there is a Scottish brand, Johnstons of Elgin "the utility rug" made out of very nice and soft and fairly warm Lambswool that i got for around 60 dollars or so. I have no idea what they have now though. I don't know the weight off hand, but i can get back to you on that.