Basically its poly fill. Its says 100% polyester, so I would rinse and use.
How big is this blanket? It could amount to a lot of mechanical for cheap, good thinking.
Only thing I'm worried about is it says flame retardant.
Its a fairly large roll I can't remember how big but it was only 70cents at Wal-mart. X-mas clearance 70% off.
If you to the sewing and crafts section of walmart they have the same stuff but in a bag that says poly fill. its for stuffing teddy bears and pillows. ive used that stuff for years never had a problem. you have to changes a bit more often or rinse it out with tank water but it works great and it cost around $2. i think it also comes in rolled up sheet forms i guess easier for cutting into squares.
I've looked at the local Wal-mart's for the same stuff and I find it but in way more then I'll ever need and way more then I want to pay for it. I do have some of the poly fill tho but I don't find it as good in my sump and I'd rather use it to make small air powered filters.