Hi Penelope
Yes, it is OK to do that if you want to use it, but if you want to preserve it as a heirloom and keep the $ value of the quilt, you should not repair it unless you have fabric from that decade. To protect it, you can buy some silk organza or tulle, cover the raged patches, and sew it over by hand. I know there is a specific fabric that is used for that purpose, but I do not know the name. I think you should do some research on line before you decided what to do. If you are a member of a quilt group, not only you can ask someone for advice (make sure the person knows the subject), but you can also look in their library for books on antique quilts and how to restore them. Another option is to ask a quilt appraiser; if you do not know one, usually they are available during quilt shows for a small fee. And if you do that, you will have a certificate for your home insurance.
Good luck.
Lucia
PS. NEVER dry clean your quilt.