I got back from the summer NAMM in Nashville yesterday. It was a great show. I was blessed to be able to have my MIA Fender P white pickguard signed by the one and only legend of bass and Funk Brother, Bob Babbitt as well as Marcus Miller (wow), Bobby Vega (what an incredible bassist), Dave Karns (fastest fingers I've seen) and Phil Jones of PJB bass (awesome amps and cabinets). Now..should I replace the pickguard or play with it on?
I'd take it off, wrap it in something protective like bubble wrap and put it away for about 50 years. Then sell it on eBay and ask for a $1,000 opening bid.
Don't clearcoat it! there is a huge chance the ink will start to run, and you'll just end up with smudges... the replacing, framing and hanging is fine... just don't try to clearcoat it, big chance you'll ruing it, and that would be such a shame!
Since these are celebrity bassists, might as well keep it on. No offense, I am a bass player myself, but a new pickguard will cost more than you can ever sell this for and at least you have a conversation piece. Really, other than a bass player or a music guru, most people don't know those names. I am not taking anything away from those guys, so is the life of the bass player.
if you frame it, screw it into a backing of somekind, to keep it from shrinking as much as it will without it. The pickguard will shrink quite a bit in time.
a replacement fender pickguard on a cheap site is like $10 on an expensive site (musiciansfriend *cough cough*) like 30 tops... So replace it, dont risk damaging it or anything.