That's cool, I love old family stuff, I have a great colection of tools, guns and various artifacts from my grandfathers, some of it is totally worthless in $ value but to me, there isn't enough money in the world to replace it.
There is something about using something that your ancestors used, it can't really be described. When I shoot my grandfathers gun or when I ride his Harley, it just isn't like anything else, I ride my bike and it's just another ride, but on his it's special.
I say go for it, no matter what it takes to restore it, you won't regret it.
welder19