For something that old, I think I would put the cover into a protective sleeve or a page protector or at least a glassine envelope to protect it from further damage.
It is a nice cover and while there could be argument that the paper envelope of that day would be acidic, I don't think it would be a major problem to leave it just as it is, as I suspect the stamp "on cover" is worth a great deal more than the stamp alone. In fact, my old Scott Specialized Catalog suggests it's worth 70% more on cover than the value of the stamp alone.
You may be interested in this link to the cemetery gravestone of the addressee who lived from 1794-1875 ... more than 80 years ... which was quite an accomplishment in itself in the 19th century:
http://www.findagrave.com/cgi-bin/f...Rid=17557104And to just think that she lived through some significant American history, having been born while George Washington was still alive and having died well after the US Civil War.