Waverly Yarn is comparable to Paternayan in that it is 100% wool, comes in 1/4 pound hanks (approx 164 yards), is 3 ply strandable, and has most of the same colors.  For Paternayan to Waverly Conversion, click here.  I also sell it in knots (6 strands approximately 60 inches each - which is more than 8 yards).  

1/4 Pound Hank is $15.20 and the knots are $1.15 each.