Kirk,
My thought is to have the stock repaired, but not re checkered. I would leave the Parker alone as far as anything else goes. All the wear this Parker recieved was from the hands of four generations of your family. That, as far as I am concerned, is something to be proud of. This is a picture of my fathers Parker. He found it under the Christmas Tree and shot the snot out of it for about 70 years. I would do nothing to hid his use of the gun and like your Parker the checkering is for the most part worn off.
Kindest, Harry
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