my mom used to make quilts that were out of whatever she could find, they had no pattern, and were of all different materials. backs and front were pieced. I would love to have one of those ones now. :(
She used to tie them. We grew up very poor, so anything like that was a godsend, I don't remember having a store bought quilt when I was a kid, and clothes were always hand me downs.
looking back, I don't know how my mom did it with 7 kids. sheesh. (sadly she has been gone for many years :()
I would say finish it how you think it should be finished, or ask your friend how her mom used to finish them, and do it that way, and then offer it to her. If she doesn't want it back, then keep it or give to a charity.