I've knitted this as a bias-knit, as an alternating 2 rows of each yarn garter stitch on big and not-big needles, and holding the two together. I think I've settled on 4 rows of the solid stuff, alternated with a row of drop stitch with the fancy yarn, like this:
Speaking in pattern, that means:
R1-4: K across
R5: k1, yo across
R6: K across, dropping purl stitches
I also think it's going to look better lengthwise, which means ripping out one more time.