Actually, I'd like to try but probably on a smaller scale. Doing 5x5 colored squares would take 1350 cloth and 1125 dye. It would also take a lot of obsidian, or else black cloth which adds even more to the cloth total.

I think if I do make it, it will use black cloth instead of obsidian and have 3x3 or 4x4 colored squares. 3x3 would require 486 cloth (not counting black) and 4x4 would require 864 cloth (again, not counting black).

Of course, I could make it in a few minutes with MCEdit or INVEdit on my side, but what's the fun in that?