Brad, keep a good gun oil on the metal. Make sure you keep the gun oil off of the wood. If it were mine, I would remove the original grips and get a set of reproduction wood grips to keep on it for handling. Preserve those originals in the condition they are in... A good furniture wax would be okay for the the wood. Apply it lightly and buff it off with a soft clean lint free cloth...
I am green with envy over your family heirloom. Congrats and good luck. Now you need to find you a "shooter" 
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regards, -John S
"...We hold these truths to be self-evident that ALL men are created EQUAL and are endowed by their Creator with certain UNALIENABLE rights, and among these are life, LIBERTY, and the pursuit of happiness..."
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