I have done something similar, knitting little stranded squares (in my case Nordic stars). The result was definitely eccentric, but so was the sweater, and at least I still get to wear it.
Another odd possibility is something we used to do with old jeans in the 70s and that's embroidery. Not fine or fancy, but something simple like maybe little daisies stitched with the hole as the center. I'm no expert but there must be some guidance online.