I never prewash anything, so I wouldn't prewash this either. However, I like the crinkly shrunken look in my quilts, and use color catchers when I wash (in cold) the final quilt.
Moda shrinks just like any other cotton- it is not preshrunk.
When I was yardage for garment sewing, I serge the edges to prevent fraying, and use dryer balls to help prevent it from balling up, but it usually will twist quite a bit and need a good pressing.