Nearly any yarn can be used for this pattern, as long as the two colors are of similar thickness. To ensure the right kind of tension I recommend using a hook one or two sizes larger than the yarn calls for.

Gauge is not important for this project, make the blanket the width you want and then repeat the treble and stripe rows until you reach your desired length, adding the optional border if desired.

The exact amount of yarn needed will vary but a vague estimate (not taking into consideration the optional border) when made with Caron One Pound yarn and a K hook:
Baby Blanket (36x40) = 1640 yards
Afghan (60 x 48) = 2150 yards
Blanket (68 x 72) = 5825 yards