The hottest water may make the color bleed, but you can test that before washing the whole piece. The hottest temperature on the dryer will shrink the fabric the most and will not fade the fabric but may give you horrible wrinkles. A cool drying temperature will not shrink the fabric at all. I would test the color with boiling water. Then wash accordingly.
I would fold the fabric and pin with safety pins or baste before washing - actually rinsing as it shouldn't need any soap- and dry folded, pinned or basted so that the wrinkles are minimized and pressing is much less.