Check that it isn't rotted from the sun or faded if that matters. Use pinking shears to cut it to reduce the fraying.
If this is velvet, remember that it has a nap that goes in one direction. When you put this kind of fabric on a bed to use it will want to travel along the nap direction. It will end up who knows where in the middle of the night.
You also want to be careful of the direction you lay out the fabric. If you piece it you want the nap to go the same direction unless it doesn't matter.
I think it would be cool if the fabric is good.
peace
Ask me how I know!