I got a lot of GREAT ideas for what to do with it and some great help on trying to identify what it is.
The closest pattern was found in Barbara Brackman's Encyclopedia of Pieced Quilt Patterns.
Thank you to Wanda at Exuberant Color for finding that!
Bonnie Stapleton of Institches with Bonnie also found a block that at least had the shape of the "bowtie" looking piece also in Barbara Brackman's Encylopedia of Pieced Quilt Patterns. Block 3350 and 3351. Versions of the Drunkard Trail.
In talking with an appraiser, she said that in appraiser lingo that quilt came from a quilter with a "deep scrap bag" which means it spanned several decades with the most recent fabric being from the 1940's. If anybody out there has any of these fabrics (you can see each different one in detail here) please let me know. I would love to purchase any scraps I can find to possibly use in the binding or back. I really like the idea of trying to finish this quilt with vintage fabrics from the same era if possible, or at least close to it. It will be difficult, but I love a good challenge!