If you want just one layer i'd suggest FOE, you'll have to wash it a little more often but it would be really easy to make. Just cut out your wrap and sew the FOE around it streching it as you go where the elastic should be.
If you are doing two layers, I'd T&T and sew it to the seam allowance before turning. There are quite a few ways you could add elastic to a wool wrap, those are just the two I like.
If you are doing two layers, I'd T&T and sew it to the seam allowance before turning. There are quite a few ways you could add elastic to a wool wrap, those are just the two I like.