I would not discard it! Even if I took it down and never hung it up again, I would not get rid of it. One day you may decide on just the perfect thing to do with it.....
I made a bear with jointed arms and legs out of an old utility quilt that my grandmother made. The quilt was so old and ratty and threadbare that I had to work hard to find places to cut bear parts that did not have holes in it! I love that bear and every time I look at it, I think about all the time that went into that quilt and I am glad I still have a little piece of it.