Thanks everyone! I spun it into a self-stripe single, then changed my mind and plied it back on itself. Here's the finished product:
I can't decide if I will knit with it or sell it on my website. We'll see if I can bear to part with it.
Surprisingly, the colors don't bleed at all. They took a lot of rinsing initially but I am confident in saying the coloration is now permament. It wasn't like cotton, where it just keeps bleeding and bleeding back to white.
I bet I could have gotten it even brighter with more microwaving, but I was scared to ruin the fibers.