I would trim away the loose threads and give the quilt at the shower. At the end of the shower, or after it was received by the momma to be, I would ask that I be allowed to take it and "fix it". I would then use a hand satin stitch so that the quilting wouldn't be messed up. It will take time, but you could present it at the hospital when the baby is born.
If I'm giving a quilt as a baby gift, I usually ask for the quilt until the baby is born so I can put the babies name, etc on the quilt label
No one has ever been unhappy with my request.