You probably can felt the ends if it's not superwash wool, but that would be a HUGE pain in the patoot. I think I'd save it for fringe or toss and call it a learning experience. :shrug:
What I did when I wanted to separate a larger hank was to start making a ball and weigh it..when it got to 50 gms I knew I had half. You can get kitchen scales pretty cheaply.