I was leaning towards the cape, but I've tried draping the fabric over a hanger and it is fairly resistant to draping, so maybe the coat/jacket it will be. I like the 3/4 length version but with sleeves and probably without a hood.
The other thing that I've been thinking about is the fastening. I like the buttons on the cape, but not sure about getting nice buttonholes in this fabric. The jacket just has hooks and eyes. I have some fur hooks but they are are not a good colour match. Can they be dyed or painted?