I suggest to find a pattern and use it! It's never quite as beautiful 10+ years from now. When I was a little girl my grandfather from Montana sent me a piece of pink bunny cloth for an easter dress. My mother just couldn't bear to cut into it. She saved it. Then when I was a teenager (way past the bunny stage), she ended up putting it on the back of a quilt. I was sad than, and still sad.
Even if your project isn't perfect, I think use it now!