Last weekend I made two purse size Margaret bags. I used the pattern from Oh, Fransson!, but shrunk it and made some adjustments to the other measurements to make it a purse. I was able to fit 2 on the 1.25 yards I bought for the large size bag. I used home decor fabric and only used one layer of interfacing instead of all the layers the pattern calls for. This worked fine since the fabric was thicker and saved some money!
Here is a comparison of sizes of the purse size and the shoulder bag size.