The first quilts I made for my grandchildren incorporated fabrics that I had been accumulating for many years. Some had been shirts, blouses, aprons, curtains, etc. from my mother, grand mother and my own children's clothing when they were young. With each quilt, I enclosed a letter indicating were each of those treasured fabrics had come from so, even when the quilt became threadbare, they would still have a link to the past.
You indeed have a treasure and I am sure you and your wife will do them proud. Good luck to you in keeping those memories alive in whatever keepsakes you make.