I was also thinking about the sentimental attachment when I said I wouldn't alter the existing quilt yet. Present new quilt first and see how it goes over.
One way to salvage a bit more use out of a worn out special quilt is with bridal illusion veil. Chose a soft one and layer over the top and quilt down, you can leave any frayed fabric just as is. Usually need to replace the bindings too... and if the design can handle (like if there is a plain fabric border) the easiest way to deal with that is simply cut it off.