Sounds like a good plan. I might block it and dry it flat if possible just in case things want to stretch from the weight of being wet. If it is a wall hanging, sweater racks might be big enough to dry it on.
If the spot is still noticeable, you might be able to applique a piece over it that goes with whatever is in the hanging. Applique can cover a multitude of sins and ends up looking planned many times.