Lion Brand's Wool Ease has much less wool than you would expect. Certainly less wool than I expected when I purchased it early this year to make crocheted hats (before I learned to knit in May).
Wool-Ease consists of 80% acrylic and only 20% wool. What this has meant for my hats is that they behave much more like acrylic hats and much less like wool hats, so...
I've machine-washed them in hot-, warm-, and cold-water loads. I've let them dry flat, hung them on the line, partially dried them in the dryer and finished them on the line, and completely dried them in the dryer. Any and all combinations of these. No felting, although perhaps a little wear (I wear a hat or a scarf every day due to a combination of bad hair and bad shoulders, so I can't work with my hair), but I can always make more hats!
Recently, I finished my first Fair Isle hat. I made it from 100% wool yarn (Stitch Nation, not vastly expensive stuff, but I don't want it to felt the first time I clean it, either!). After I block the Fair Isle hat and wear it a few times, I'll hand-wash it and let it dry flat on a towel, turning it a couple of times. No machine-washing for it! But, again, the Fair Isle is 100% wool. Definitely not Wool-Ease.