I've been binging the "Um, Actually" show in the College Humor extended universe. It's a pretty fun background noise show about correcting other nerds about nerd things. Some very funny moments.
I can't help but think it would make a fun party game... thoughts?
Personally I love visible mending such as embroidery, as I think it gives character and history to a well loved garment.
I would suggest putting leather under the tear with glue to strengthen the area, and then do some decorative stitching over it for added security and design!