It seems like a quilt that could still be used, albeit carefully. Try a little test area around a fray with Fray Check, let dry thoroughly, and check it for stiffness. If it's not too stiff, you might be able to put a tiny little line of Fray Check along each of the frayed/raw lines. Actually, I too kind of like the background peeking through. If in doubt, check with the owner of the quilt. Keep us posted and thanks for the share. It's beautiful!