my gauge is f****d !! how do i shrink so i don’t have to rip it all out 🙈

hi lovely people, I have made a drastic error in the size of a knit stocking cap, and the diameter is about an inch too big (maybe even 2) - i have done quite a bit of color work and would love not to tear it out. Was thinking of felting it a little bit when blocking to shrink it down to a wearable size - it’s a relatively loose knit, size 8 needles with regular worsted (mostly) wool yarn. the yarn is recycled, 65% wool and 35% ‘recycled fibers’

any advice??