Ray...This is a tough one, isn't it!
I have crocheted shawls and given them away, and I have also sold the same shawls for $100, which meant having spent approx. $50 on the yarn, I was getting $50 for my labors. Since I enjoy crocheting, I felt this was okay. Crocheting a shawl, throw, or blanket is going to be even more time-consuming than a shawl. I've done both. I wouldn't want to do such for less than $50, but since she's your friend, you will have to decide, and see if she's willing to pay that.
For the past 15 years or more, I've sold a lot of my art as "craft," and I try to gauge it at $10 per hour. I have sold my "artrox" at shows, in galleries and shops (where the price is doubled), and most recently on Ebay. (Crocheted items don't sell well on Ebay, by the way.) In my exp., one doesn't get much for their creative efforts, but it's a pleasant pasttime, and I enjoy it.
Patty