I made a toddler quilt in the snowball pattern entirely on my serger. The back of that quilt was the prettiest back I've ever seen. :)
I used to wonder what the heck I would ever do with a serger, but having tried one, I realized that I'd never want to be without one, again. I use it all the time - mostly in garment construction and other sewing, but I always trim my quilts right before I add borders (to very large quilts) or binding to any of them.
One thing to consider about this trade is the ease of use of this particular serger - I had a used Huskylock and a Baby Lock 400 and those were enormously frustrating to thread. The Brother 1034D which I've been using for a couple of years is quieter (though still quite noisy) and I can thread it in just a minute - almost with my eyes closed.
Does the serger have a differential feed? If not, its usefulness is going to be drastically limited. Will it do anything but simple edge finishing? Finding out a little more about this proposed trade would be helpful in deciding what to do.
If the serger is a pain in the neck to thread or switch from narrow rolled hems to flat edge finishing or gathering, you're not going to use it as much as if its easy and quick to set up and put to work.
Good luck! :)