Hi Butch - I'm kind of the original "bleacher" in the pennant guys thread.
I would
not use bleach on your pennant. Two reasons: red doesn't like bleach and bleach works great on the older, soft felt pennants but doesn't do much on pennants of your vintage.
I
would try Oxyclean, with the caveat of watching it closely. Edit: just as bleach doesn’t seem to work well on newer pennants, Oxyclean doesn’t do much for older pennants.
The following pictures are examples of bleach on the 1962 pennant and Oxyclean on the newer one. A bunch more of my Oxycleane results are on page 111.