The reason I say warm water is because we aren't just cleaning the wool, we need to remove the residue of previous decades on the wool. Warm and not hot. Rinse on cool. Wool fibers do not react like cotton, they shrink severely on hot (some in the wash and tons in the dryer) and while knitting can often be blocked back out, the weave doesn't easily release. But that makes washed wool pretty lovely to work with as well. In a top of this age it is entirely possible that the dyes were home made (look if it appears to be machine made or homespun) or otherwise not set well but most dyes were used because they were stable -- still things were not washed as they are now. When they were washed it was typically pretty harsh treatment. Think tubs and paddles and rivers and rocks...
Although I do recommend squishing and stomping, no wringing or twisting the fabric. Don't pick up by a corner with the heavy drape into the water. Be firm but gentle
