If I were doing this for myself, not as a gift or for sale, I'd complete the quilt as is, wash with retayne or synthropol (I can't EVER remember which is right for afterwards!!) or Color Catchers, and love the quilt no matter what. I just don't believe any quilt is so ugly that it can't serve the purpose for which it was intended, and no quilting fabric is worth throwing out.
Best of luck.
Jan in VA