What about using one of the red 1930's repro fabrics? While I doubt that this top is THAT old, I think reproduction fabrc would complement it nicely. The size you mentioned is very close to a twin-size, so a relatively narrow border should finish that out nicely.
Or....
(I know some of you will want to holler at this suggestion...)
Depending on the condition of the fabric and/or seams... you could find a teddy bear pattern (or a cat or a puppy) and cut the pattern from the top. Patchwork teddies are ADORABLE!! I'm looking for some teddy patterns myself right now to use up two flimsies I got at a yard sale several years ago.