I agree with all who've suggested that you be honest with your friend about the quilt's fragile nature. You've been given several good ideas re: how she might continue to enjoy the quilt (e.g. rack, frame, encasement, division into smaller pieces). If you think your friend will be too disappointed by these, I love the idea of offering to make her a replica quilt - if you're up for the commitment, of course. Since she's your BFF, she might see this as the ultimate gift, as the quilt would represent both your friendship AND everything the older quilt represents.
just my humble opinion, of course :-)