Keep it!
Do you need storage for charm packs? I use the plastic bins for the pantry that are approx 16"L x 5"H and 6" W. They hold charm packs. I also ruler fold less than 1/2 yard into 5 inch square pieces. They would fit on the dowels.
Got rulers? Use notebook rings to hang them on the dowels. Shower curtain clips would work too.