Felt probably won't make a good waistband. It has little strength. If you need reasonably sturdy fabric anywhere in a skirt, the waistband is it.
If you're going to wash the garment, the fabrics may react in different ways. Felt is usually not washable, and may shrink, tear, or disintegrate.
for the waist band felt should be fine.....sounds fantastic.
I would stay with the same.
I'm making a circle skirt and I cut it out of a cotton fabric. Would it be a bad idea to use felt for the waistband or should I stick with the cotton fabric?
