Old Hooked Rugs When are they worth saving?

When is an old Hooked Rug worth repairing?




I have a dilemma I have old hooked rug my mother in law in her 90’s gave me. I  know one of her relatives made it. The problem is the rugs red color ran on to the background of the rug. Do I need to rehook the parts that ran? Am I ruining an old rug by having to do so much repair?  

There are several patches that need new hooking so there is much more work on the rug. My  question to my fellow hookers is What would you do?  Does every ones old hooked rugs get saved?

I do like it a lot .