It's probably hard to see in this pic, but when I got this 1912 pennant framed, I had them use some strong thread to loop around the tassles to hold them in place. It's all framed with no glue or anything, and totally can be disassembled and remain in its original state if desired. Photo corners are used at the other end to hold the tips in place.
A decent frame store should be able to frame a nice odd-shaped piece in such a way so as to not damage it and allow for it to be removed from framing at a later date if so desired.
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