Well, I will tell you how I have dealt with yarn I no longer love..... If it is nice wool, but the color is the problem, I have learned how to fall in love all over again by dyeing it!!!!!!
Now dyeing is not something that you do on a whim since the dyes are toxic, so do a little research, there are some wonderful sites out there with how to information. My first dyeing project was some beautiful handspun wool in hanks that my mother in law gave me when she was cleaning out her stash. The colors were uninspiring. Pale pink, beige and natural.... I asked my husband to pick up some dye packets for me while he was in town.... I got black, teal and a magenta. I knew nothing about what I was doing, did not pre soak the yarn, and used a cooking pot that now has been taken out of the kitchen. The results were amazing a magical. I fell in love with that yarn, ended up making a striped bag which I felted, it is beautiful.
I also am more discriminating now than I was when I was young and price was the object. I tend not to buy things I don't like. I just cleaned out my stash, removing all acrylics and things that didn't turn me on any more. I was on my way to the thrift shop, had a lovely lunch with my colleagues and said I had some yarn in my trunk if anyone was interested.... Right there in the parking lot they had a mini fiber frenzy and took the whole lot of it.
Yarn is never unloved or wasted in my house. I save the odd ends and my youngest daughter and I make god's eyes with them.