I absolutely agree with Prism 99, I would use some fusible interfacing, then I would find a matching section of the fabric and hand applique over the fix. Depending on the size of the quilt, I don't think I'd want to remove the binding and trim then re-apply the binding. Matching the pattern in the fabric should make it difficult to spot. I once appliqued black triangles to a Roman Stripe quilt when defective fabric grew holes. I appliqued over the black triangles, then re-quilted the lines and it solved a huge problem of possibly remaking the quilt. Of course it had to be the very first commissioned quilt I made, but they were happy with the fix and it wasn't really noticeable, thankfully.