actually neither product is made to FIX this problem.
Retayne will set the dyes, yes, but so will Synthropol, as she is using a fabric that was commercially made and now they dyes have already migrated.
as a side note, if you dried this quilt, then it will most likely remain pink no matter what you do. BUT, you need to control that red or it will bleed forever!
Here are a couple of good information reads about this problem.
http://www.textiletraditions.com/res...bric.htm#bleed
http://www.howtocleanstuff.net/how-to-remove-bleeding-dyes-from-clothing/