In spite of a recent stranded project that went south, I like this method of doing fair isle knitting. But by all means, look around at some videos and find a method that works well for you.
Cute hat! Hope you don't have the problem I did (the stranded color on back showed through when the hat was stretched--i.e., worn). I'm not sure how I could have prevented this, which is rather disheartening (perhaps I did something wrong?). At any rate, the method I used for knitting it was great!