lou,

If it's the sheep hair that I am familiar with, it is excellent for spinning and highly bouyant. It is great to use for the body of the 'Coffin fly'. In fact, Larry Duckwall, ties that pattern with the following recipe:
hook - 12, 1xl or 10
tread - white (black head)
tail - black elk, moose, calftail, squirrel or bear
wing - same as tail
hackle - silver badger (at least 2 feathers)

Material can be used for white Irresistible. Not sure how well it takes dye.

Allan