Still not exciting, but less awful than I expected. The yarn is heftier than it looks, and instead of working up nicely on size 2 or 3 needles, I ended up using size 5's, which means that the sweater will be bigger than the pattern (which is okay- I don't have any toddlers ).
Here is the first row of the body, and the first row of one sleeve*. I'm still not sure- it's not pretty, but it's not horrid either. Since I'm using bigger needles, but working the required number of squares, I'm going to need more yarn. I can spin another 2-3 largish hanks of this stuff, but even that won't be enough to complete the whole sweater at this size. Unfortunately or otherwise, this particular color combo is no longer available.
Luckily, when it comes to odds and ends of handspun yarn, I'm well supplied.
I think I might be able to pull this one off after all.
*I'm working the sleeves separately, from the cuff up (rather than as instructed) because I want them to match each other, and the body of the sweater, and I'm not sure how far the yarn will go.