I have a quilt top very similar in age but in a little worse condition, and have made it my long term project. I take it along on car trips, and find it so relaxing to work on some evenings. My brother-in-law's GM made it, and I know he and my SIL will be SO thrilled to get it back finished with batting, a muslin back and a label with names and dates on it. Family heirloom to be treasured. Obviously I'm for Not cutting it up, but it's your decision (a tough one).