Gary- I'd find a way to repair that tassel. For not super valuable stuff, I've used a very, very, very small amount of super glue. Just makes it display better on the wall. It makes a bit of a hard/crunchy area (less glue the better). If it was more valuable, I guess I'd get someone to sew it (would not want to damage it with glue).
Speaking of making things look better, I followed some advice and used Oxyclean on some late 1970s/ early 1980s pennants. I know that these are too new for many of you, but some of these pennants are pretty tough to find in general and are especially tough to find in decent condition. Most are white felt and many have turned yellow, tan, or straight up brown. Here are some before and after pics. Soaked each for about 2-4 hours on hot/warm water and a half scoop of oxyclean. I changed the water/soap once for each (after the water turned brown). They display much, much, much better now.
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