I am completing a quilt with a few homespun fabrics this week. Since I was mixing homespuns with recycle shirt fabric, I decide to prewash. It ravels like crazy!
So I would suggest if you prewash, finish the raw edges by serging-- if you don't have a serger, then an overcast stitch or zigzag will work. If the homespun is wrinkled when you take it out of the dryer, then press (up and down) with the iron to minimize stretching and distortion. Use lots of starch, too.