My current favorite thing to do with 2 oz or less of laceweight is this:
http://www.carylldesigns.com/patterns/CA_triangular_lace_scarf.jpg
though lately I've been substituting my own lace pattern in -- which works great!
For a list of nifty ideas, check out the cashmere america kit list, almost all of which use not-very-much fiber and many of which are for sockweight or laceweight yarns ...
http://www.carylldesigns.com/cashmere_america.htm#Cashmere%20America%20Pattern%20Kits
(I'm not affiliated with Caryll Designs, and haven't purchased from them -- got my CA patterns from a local area Cashmere farmer.)
