elnan

My guess is that the red fabric was used for curtains or drapes. The right side finish on it is simulated smocking. I would serge or zigzag the cut edges, then wash & dry it and the lining before cutting out anything. Braiding the cord does sound like a good idea because a single cord can cut into your hand or shoulder. Fray-check is another option for finishing the cord ends, but a few matches cost less. I like to sew with decorator fabric for bags, pillows, vests, etc.