does it have a sailmaker's badge on it, usually near the tack?
is it woven or laminate - I cant really tell from the pics?
It looks like a dacron cloth with vectran fibers added - hood's Vektron was like that. Here is a (not so good) pic of Vektron - look closely and you can see similar 'yellow' fiber stripes. But your fiber stripes seem possibly closer together.
In any case, if the fabric
seems sound - it is 99.99% to be just absolutely fine for your application.