This is one of the Loom Knit projects on Martha Stewart and Lion Brand Yarn Website. The Diagonal Lace Knit Scarf is a Knit 2 & Yarn over stitch pattern that sounds do-able.
I used 4 skeins of 50gm Panda brand yarn, Mindarie series, 70% wool & 30% soya bean protein, Cocoon and Mocha Peach colour ~ $20. Also chose to make it into a circle scarf that is easier to wear. The entire project took me just over a day to finish.
The result is a beautiful diagonal pattern but the holes don't look as big as in the photo. This is why stitch gauge is soo important! For thinner yarns like the ones I used, you have to do a few rows of Knit2 and YO before a knit/purl row to make those holes larger and more visible.
The scarf also tends to curl at the edges so I placed it under a bunch of stuff to flatten out.