It's extremely risky. Few survive. But it can be done.
You need O2 over 15k. Blankets don’t help with that.
The baggage compartment is pressurized.
Look at the airplane. It is a round cylinder. Round things hold pressure well.
The floor of the passenger compartment/ceiling of baggage area is flat. Flat surfaces do not hold pressure well.
The entire cylinder is pressurized.