That is quite pricey for cotton. To help with cost I'd like to suggest visiting a local Joanne's or Hancock fabric and signing up for their mailing list (it's free), when you do that you get coupons every month. Plus their stores are going to have a wider selection.
As for fabric recommendations cotton is good you might also look at maybe a linen as well. The problem with the color of his outfit is that lighter colors like that are going to appear more sheer than say blue or black.
Tentative Debuts for 2013
Laxus Dreyar (Fairy Tail)