Wash it....it isn't going to hurt the quilt, and will give you a chance to get that crinkled look that makes the quilts seem cozy.

Fabric saturated with smoke not only stinks but the yellowing can really dull the colors and make light colors look dirty. I would definitely was it. Even after washing you still may have to hang it outside for the fresh air and sun to completely rid it of all the odor. Good luck with it.