Is it possible to use 'Fancy Knitting Yarn' 100% Polyester to make a felted bag? Will it look a lot different?

I want to make a tote style bag using 'Fancy Kntting Yarn' and then Felt it. Is this possible seeing as the yarn is 100% Polyester? Will it look much different from one felted in wool yarn?
Update: What stitch would be best to use?
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