textile question.

[holli]

I bought this massive cross-stitch bedspread at the thrift store this evening. It's at least queen-sized, if not king, and is entirely hand-stitched on a preprinted blue grid. Does anyone know what would happen if I washed it, or gave it a soak? How likely is it that the embroidery floss will bleed dye? Will the blue grid fade or disappear?

It is fabulous, and I am happy with it the way it is, but it could probably use some freshening up.