Tom has been drying the sheepskin and sanding the leather side since Part 3. It finally got dry and then 2 days ago he finished sanding and trimmed the edges. He applied saddle soap, and the sheepskin is done!!! Above is the woolen surface, and below is the leather one.
The sheepskin came out great. It is soft, wooly and has a reasonably pliable hide. The saddle soap made the leather a little yellow. Tom is not sure what he wants to do with it yet (and he gets to decides since he did the vast majority of the work). But he is actually contemplating doing this again, so it must not have been too bad.