i would say no---you need to be able to dry your raggy quilt in order to get it all fluffed-
you could wash & dry your blanket (if you are willing to sacrifice it anyway) and see how it comes out---if it lives through being washed & dried then you could use it-
what are you planning to use for the top & bottom of your raggy quilt? regular quilting cottons? i've seen a couple turn out ok when an extra layer of muslin was used- just 2 layers of regular cotton does not give you much to (fray/fluff) alot of my raggy's are made with cotton on one side cotton flannel on the other- some people do make raggy quilts with out any batting- just layers of fabric-that is another option if your blanket does not live through washing/drying....but i would recommend a layer of muslin or something (cotton) in the center....