I have a friend that loves to work on pieces like these.. She has a stash of 30's, 40's fabric to repair antiques. She takes the torn/frayed off and matches a fabric to replace it and then she quilts it.
I have seen quilts that have been in the trash can at yard sales (they gave it to her) that she has repaired.. Some she has had to make smaller and some that have been made as wall hanging. Her work is about $250. - $600. depending on how much you want done.