Yeah, THAT would do wonders for the retail price

Chances are, if something like that came out, it'd have to be a cheaper material to justify a reasonable price tag. Cotton might be out, maybe silk (though I've yet to understand why there are die-hard fans of it). Maybe a wool or nylon blend of some sort.

But, to play Devil's Advocate, there's already something like that out:
EDCdepot.com, click on "survival gear" then "orange blaze survival bandana" Item # SU00031

It probabaly could be improved upon though(larger, for one thing!).