Blessedw2 ~ Since I've lately been trying to look at sewing projects from different directions, my first thought was:
How would this pleated fabric look made up into a decorative pillow? Or edging a standard pillowcase?
Or inserted in the middle of a shopping bag, or sewed around the top of a bag?
Or made into a really fancy gift bag with ribbons?
Or jewelry holder? Cosmetic case?
Part of a Victorian-style Christmas stocking?
Lining of an Easter basket?
Padded lining for storing china?
You could try to dye it a different color and if it didn't work out right, oh well, easier to declutter.
I guess my point is, maybe it would help to stop thinking of it as fabric for "smocking" and turn it around to think of as just fabric with lots of texture.
I am terrible at textile decluttering.
My name is BookSaver and I am a fabriholic.