The best help I can give based on years of experience with these old guns comes down to two words--- Money Pit!
Some guns are just so far gone that it can be cost prohibitive to bring them back from the brink. The inheritance part of this one might make it a more difficult decision on this one, but you are the only one that can answer the question of how much time & money to put into it.
My suggestion would be to call Brian Dudley and talk to him about it. He's one of the best in the business for bringing a gun like this back from the brink, his advice on it is pure gold & once you get it, you can make good decisions based on sound information.
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