A couple of things to consider:
I have my Grandfather's Luger and I would never part with it.
I would never "restore" it because that would remove most of the history and collector value. That matters little to me.
I would never "restore" it because things are only original once. While the appearance may be improved, it would not longer have the original finish. That matters somewhat to me.
I would never "restore" it because it would cease to be how my Grandfather left it. That matters most to me.
If you have the honor of receiving your Grandfather's things, I'd recommend leaving things as they are.
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