It is directional - so that may or may not bother you. It's just something to be aware of.
You might want to put a small piece of it in water to see what it does. I've had some that had a lot of excess dye in it and turned the water black.
I would wash and dry it first - but I wash and dry everything washable before cutting it.
Mom made a red cotton velveteen sheath type dress for me when I was in high school. (Late 1950s)Loved that garment. It was washable - but we did not have a dryer back then.
If it survives the laundering well, I would consider using it.
I used brushed arnel ("they" used to make robes and housecoats out of it - it feels like a short-piled velvet) for a border and backing for a quilt for my grandsons. I used t-shirt knit for the binding.