I like to leave the tassels as-is. Those are not too bad, and the body of the pennant is spectacular. Great/unusual design, and much like an oversized Tacoma Tigers Teens pennant that was posted here years ago.
That looks like a melon ball to me, and I think this one could be as early as the 1920s... but more likely the 30s or early 40s. Perhaps someone here can chime in with a more specific timeline. Sometimes you get lucky, and find a program or yearbook with an identical design (which helps date the pennant).
Wonderful acquisition... congrats!
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