Retroclean is sodium perborate - a bit stronger than the sodium percarbonate that is in Oxyclean - no it won’t hurt the fabric! It does a great job on most stains, but may not get out the dye that ran. It might, but might not. It definitely will take out the other stain. I use it all the time on vintage linens with awful stains and it usually works wonders. Put the quilt in a big sink or washtub (or the bathtub), get it good and wet, but don’t cover with water yet. Sprinkle a half cup of sodium perborate (Retroclean or other brand) on the quilt mostly near the stain. Spray it with hot water to dissolve and cover the quilt. Let soak for at least 24 hours. Do again if that isn’t enough.
Sodium perborate basically converts to peroxide in hot water. The chemical conversion helps in removing the stain.