I had the same problem a number of years ago and this is the soluion I came up with.
For the colar use fine Deer hair or fine Elk, Elk Hock will work good for this. Insted of worrying about the but ends flaring just make sure you get the right flare that you desire on the tips.
After triming the but ends on a tapered angle bury the ends with your thread, there will be less bulk depending on how thick you want the colar to be, this is fine hair, but it is still deer hair. Use your good spinning hair to complete he head. You can have fun and mess around with different colour combinations this way.
These pictures are of Marabou streamers I tied this way, not a muddler Minnow but you get the idea: [url=http://img.photobucket.com/albums/v307/Yaffle/MuddlerHeadMaribouStreamerOrange.jpg:227d8]http://img.photobucket.com/albums/v307/Yaffle/MuddlerHeadMaribouStreamerOrange.jpg[/url:227d8] [url=http://img.photobucket.com/albums/v307/Yaffle/MuddlerHeadMariboustreamerBrandBl.jpg:227d8]http://img.photobucket.com/albums/v307/Yaffle/MuddlerHeadMariboustreamerBrandBl.jpg[/url:227d8]
These flies are tied small.
-Yaf
A warm summers rain falls down on a quiet fishing stream
Lined with cabins, smoke straight to the sky
Two ol fishin buddies with never a care
Teasing a trout with a fly.
(Simani, "This Isle of Mine")