Yeah, but did you want it for the warmth or the wicking/keeping you dry? Cuz for warmth, regular fleece would be better, but you probably know that since we've got threads in the gear section going on about grid fleece, etc (i asked the same question a few weeks ago as well).
Might be just perfect for wearing over a wool layer, and under a wind shirt for some serious hiking. I usually wear wool as my base layer cuz it feels nice and whatnot. Last trip I did into the Enchantments, I wore my OR Centrifuge jacket on my hike down, which has gridfleece on the back/underarms over my 200wt wool and it was great. The grid fleece helped pull the sweat away from my super sweaty back.
The grid fleece on the Centrifuge is quite small, looks very similar to the fabric you got, might be just a tad thicker though. As thin as it is, it's too warm to wear above 35 for me if I'm walking.
Since you already have the fabric, it wouldn't hurt to try and make a mid layer similar to the T2. You got it at a good price so you can experiment/practice.