The only thing I'll add to the pennant alteration discussion is that one reason to collect pennants is for display. Cleaning them up can make them display better. I feel like it is ok to try to improve one that is in terrible shape anyway (unless is very rare, historically important, very valuable). If they are really dirty, they just don't look good on the wall.
But I've also learned that it can be very hard to make them look better. I think I've clearly improved (for display) maybe 2 of the 5 that I've tried to clean. I probably ruined one. And the other two ended up with improvement in one area, but some equal damage/color bleeding in another.
I would probably leave the Tigers pennant alone, but maybe try to clean the Yankees (It's pretty dirty). You just have to know that it might be a total loss (see Rob's red Giants batter).
As for Kyle's original question, tough call. I think I'm ok with a disclosed alteration that can be reversed (e.g., replace a missing tassel), but info about those alterations probably gets lost over time, which is a problem.
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