I would do a stress test to see how strong it was and then use for craft things but not a quilt. I would make coil bowls, they use a lot of thread... just ot use and empty the spools. I wouldn't ever use the black or dark colors like burgandy abd brown if it was to old. Especially the black, the dye is hard on the thread....
Aslong as it is strong and dosen t break easy should be ok.