It would be wonderful to see a picture. This is truly a treasure! Depending on the weight and drape, you made need only a thin batting, perhaps flannel. If you trying to go for authenticity, you might like to do some research on vintage crazy quilts to see how the borders looked. I think in many cases, they didn't have borders at all. If using it as a wallhanging, a medium to small border just to frame it might look great.
Congratulations! I hope some family research turns up information about its original for you. You are lucky to have the date embroidered on it.
Dayle