The purse is done! I'm quite surprised and very pleased :)
So, it looks a little different than planned. I learned something important. The purse doesn't need to fit the frame, it needs to be bigger than the frame. Otherwise it forms a T shape. Especially when you turn the sides in to each other to sew it which makes it a bit narrower, which is something I should totally know about fabric by now!
So, instead of ordering a frame that wouldn't be here in time for Costume College, I looked through the book and found a purse with two straps on a bangle. Problem solved! The straps went quickly--about an hour and a half each--and a nice large bangle was easy to find. So, a design change. I wouldn't have time to do the knitted strap with tabs thing, plus I think that would gather the fringe too much. And the purse on bangle thing is quite fun, so it's a win all around.
I still need to make a purse for the frame though :)