After poking around on the internet for a bit I found some shrugs/boleros that are sort of the look that I'm going for. Obviously neither of these are knit, and I want mine to end just above the elbow, but these are the general idea I'm going for.
I have also swatched some stitches and washed my swatch. (In order to make sure your knit items fit you must ALWAYS wash your swatch. Materials grow considerably after washing)
From the bottom up I have swatched a 2x2 rib, a slipped/reverse stockinette lace, and stockinette. I asked the Thursday evening knitting group last night whether they preferred the lace or the stockinette, and the overwhelming majority was for the lace.
Next Step: sketch, math (my least favorite part) and cast on (the best part).