If you go to your library and look up craft books from the '60's, you'll find several ideas for yarn containers using recycled items. I recall that oatmeal cannisters were big - covered in wallpaper scraps or somesuch.
You just need to turn the entire piece around. This sounds bizarre if you've never done entrelac before. When you start a normal knit piece, you go across the cast-on row, turn it over and work back. In entrelac, you use short rows to knit a series of linked triangles as the foundation row. When you're done with one triangle, you go on to the next one, until you run out of cast on stitches.
RS knit 2, and turn the piece over, ignoring the remaining 18 cast-on stitches. WS slip the first stitch, purl 1, turn the whole thing around
RS knit 3 (knit the two you've just purled and knit one from the cast on row), turn the whole thing around WS slip the first stitch, purl 2
RS knit 4 (k3 you've just purled and knit one from the cast on row), etc.