Rangemaster,
Great looking rifle! I love a gun that has a family history. There is an intangible sense of pride that goes along with firearms. In this case, I think it is because you know that your grandfather put a lot of thought and hard earned dollars into it and was proud of it. The old boy who built it obviously took pride in his workmanship as well. Just knowing that makes it special.
Personally, I would load that up with some Hornady 75gr V-Max and go shoot the bejeezus out of it. Have some fun and enjoy it.