Thank you Flying V Goddess for weighing in on the subject, I appreciate your thoughts. :)
Jory, thanks for your suggestion. I've seen some very pretty denim quilts that weren't rag quilts. I like the look of a rag quilt and just have to make one. I'll get around the issue of loose threads by putting it in a large pillow case.
I'll be setting it aside for now until I get my 301. I've gotten conflicting info on weather or not I should use my FW for denim and have decided not to sew denim with her. I'll get a 301 but will wait. In the mean time I'm happily working on my crumb quilt.
Thanks again!! I appreciate all of your thoughts on this!