Well, there is a name for his behavior - PICA. He should not be eating those things. Google "indestructible at toys" and you may find something he cannot ingest. The solution is simple -- keep those things away from him. Blankets may be more difficult but can be folded and put out of the way. These things can create obstructions in the intestines and require surgery. There is no cure for PICA. My bengal loves to lick plastic bags. He does not ingest them, but just loves to lick them. PICA is common in animals -- and it's any behavior not normal to the animal.
As for the biting of your fingers, that is a common response when you remove the item of interest from the cat. Once you've got the items gone, then the biting should stop as well. Putting him in room with "time out" is not going to help. Cats do not understand "time out". You are not going to change this behavior, so you will be the one who has to change the environment for the kitty. It is really dangerous for him to be eating things that will not digest well and probably not make it out the other end. This could have tragic or very expensive consequences. I just read about the dog who required surgery to remove 16 pacifiers from his stomach. The owners just had a baby an kept losing the pacifiers. One day, the grandmother watched him vomit one back up. He also started acting lethargic and wasn't eating. An x-ray revealed the items. So be diligent and find toys that he cannot chew and eat and put up the blankets.
I wish you luck.
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