I feel it would be best to remove the old label and put a new one on making it special for the newlyweds.

I like your idea of keeping the original label and adding a new label. You would feel very special to receive a quilt that was being saved for you because you were chosen as the "someone special".

I agree that a quilt would be a very expensive and special gift for someone you hardly knew. I only would give them a
boughten gift and save the special ones for special people!

I know in different areas, the going gift amount is different. Here it's $300+. So perhaps giving a quilt that's taking up space would be the best way for Bobbielinks to go.
I'd remove the old label and put a new one on.

If you have a quilt that you are willing to part with, give it as a wedding gift and put a new label on it. It always pleases me to see the expressions on the faces of my quilt recipients. They are amazed that you would give them something so special. Also, the quilt would be special and unique and will be remembered when the other gifts are forgotten. Second, it would save you spending a lot of money on a gift to people you don't really know.

I agree with the others who said not to give someone you hardly know a quilt. But that's just me.
If I did I would remove the label and add a new one.

I have to agree with many of the others. I would not give a quilt that took many hours to complete to some you hardly know, to make them feel special or not. I give my quilts to people now very well or family members. I always feel like someone is just wanting a gift from lots of people when I receive any type of invitation from someone I hardly know it's like saying I know a relative, so think I'll send invitations to their family members. Personally I would just send a very nice congratulatory card, but then that's just me.