I haven't done it yet but here's the site I was going to use: Longies
I think that Katrina has a longies pattern on her site now too but I haven't looked it over. Other than needing to up the rise a bit on the soakers - I love her soaker pattern and instructions: Katrinas
You won't need to prep them before you make them. I wouldn't actually since they'll be a bit tacky until they're worn (at least I always find that right after I lanolize). Just lanolize after they're made. And make sure you use a zigzag stitch to keep the sweater from unraveling.
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Re: making wool longies with old sweaters- questions
I haven't done it yet but here's the site I was going to use: Longies
I think that Katrina has a longies pattern on her site now too but I haven't looked it over. Other than needing to up the rise a bit on the soakers - I love her soaker pattern and instructions: Katrinas
You won't need to prep them before you make them. I wouldn't actually since they'll be a bit tacky until they're worn (at least I always find that right after I lanolize). Just lanolize after they're made. And make sure you use a zigzag stitch to keep the sweater from unraveling.