Hello Kim,
I love What If? questions!
I would need variety and probably would continue my current approach, which is No Rules. I look at magazines, books from the library, web sites, and my friend's stash (which comes with patterns for specific yarns), and simply pick what I like, rotating between making items for charities, for my friend, for others, etc., just whatever strikes my fancy. I also rotate between brainless things to do while at a coffee shop or watching a movie to more complex things that I need to be in the mood for. I hope I never lose this approach, as it is soooooo much fun.
So far, I've changed and adjusted patterns but not really designed anything from scratch. I could see myself getting there at some point in the future. Right now, my favorite yarn is Wool-ease, especially the heathery-type color pattern. It's cheap enough to use for charity items but feels nice and contains just enough wool to make it "real".
Yvonne