I did it. I got a decent two ply laceweight out of my BFL. This is the first skein which is just under 550 yds. I think i have about 200 yds of singles left.
I wouldn't have tried it without encouragement from Ladybug knitter and from some spinners in the Spinner Central group. Thanks everybody!
ohhhhhhhh and I actually counted wpis which I never do! 33. That's right I counted woo hoo!!