I accept that my quilts age and change with time and don't mind a few repairs. A number of years ago though I looked around and all my own quilts were getting pretty tattered so I decided to put myself on the quilt donation list!
In a case like that you have two choices, one is to be unobtrusive and the other is to accept that the patch is there. Like when a dog chews a hole in a quilt, I'll typically stuff the hole with some extra batting and put a heart applique over the boo-boo.
You also have to address the overall condition, will the whole binding/border need replacing soon enough? Or will this hold you a couple years?? If the patch will be enough, I'd just make a big razor clam shape and fold it over the edge and securing both sides.