It was still in good shape besides the rips in the middle. I washed it in the tub and hung it to dry, then got to work making a skirt!
I ended up just tracing this wrap skirt that I own as a pattern, and added a long strip of fabric to wrap around and tie.
The fabric is a little bit thick for a skirt, but it still feels good while wearing, and I don't have to worry about it being see-through! I still have a lot of fabric left from the tapestry, so keep an eye out for my next project :)