Okay this is my own personal opinion and worth exactly what you paid for it, and I may get flamed for it, but I'm gonna say it anyway.
My sense of this situation is your friend wants to get as much money for as little work as possible, and you are getting pulled by her tractor beam into the crosshairs. RUN. Let her deal with it. You are a quilter, not a professional restorer or appraiser. You are right; if she wants money for anything she wants to sell, she should get it appraised. That way she can back up her pricing with paperwork and provenance. Appraisers may also be able to suggest appropriate selling venues.