I have quite a deal of water-marked taffeta, or I think they call it moire taffeta, which used to be a full circle skirt and matching blouse in about 1970. The skirt and blouse were obviously way out of date but the fabrice was too good to just discard, so I unpicked it all with a view to making a crazy quilt with it. It's soft peach, cream, soft taupe and olive green colours and really very pretty.
But that's as far as I got. I too was concerned about fraying and pin holes in the fabric, so I just haven't gone anything further with it and it's resting in my too-hard basket.
I am following with interest what clues are out there for dealing with such fabric and say thanks in advance to anyone with solutions.