I agree with Dunster. You can spend a lot of time fixing blades here and there, only to have the quilt continue to fall apart.
What would she think about doing a really high quality photo shoot where the beauty of the quilt as-is can be captured. The photos could be printed for wall art, made into note cards, used as screen saver on computer or phone. They'll probably look a lot better than the real quilt does. Then once you have it documented, cut portions that are relatively undamaged and maybe sandwich them in some very fine bridal tulle with stitching grid to offer support to the original fabrics, and make a throw pillow, a small wall hanging, a table topper -- something that she can continue to use and enjoy.