I have removed the "pink" from socks and stuff by using a package of the rit dye remover. You do have to watch what you use it on, but it does work good.
I was once given a pile of $ tab top pottery barn curtains, a couple had been washed and no longer matched the others and I think one had some damage to the bottom edge. I wanted to make a slip cover for a love seat so they were going to be cut up anyway-just wanted the canvas fabric. I tossed equal numbers of curtains in washers with a box of the dye remover, just hoping to get them all to a similar lighter shade, they were khaki, they all came out the most wonderful butter color! I got a lot of years and a lot of washings out of those old curtains/my new slip covers.
If you really like it but just can't use it as it is, try the dye remover, it might get you something interesting...or not but if you were going to toss it why not.