One of the most interesting aspects of Parker shotguns is they are time travelers that connect us to a different and distant past. Few of us are lucky enough to have an heirloom Parker shot and held by an ancestor.
Randy your gun is special for that reason and for that reason I would not change a thing cosmetically. I would make sure everything mechanical is in good working order and perhaps have a qualified and most trusted gunsmith open it up, clean and lubricate all the internals.
To my mind everytime you hold and use this gun as is you are reconnected to your grandfather. Start changing it and you will lose that connection because every change erases something the way it was when he owned it.
Most everyone likes their guns (and other stuff) to be like new. It is an acquired taste to appreciate knicks, dings, scratches, and wear as "character". My advice, leave it alone except for a clean and lube and mechanical fixes and enjoy it, use any money you were thinking about restoring it into the purchase of another more original Parker shotgun (or a candidate for restoration with no family connection). There are plenty of nice Parker's out there, you'll never get another heirloom Parker.
I'll close by giving you a value. As an heirloom gun to you it should be priceless and never considered for sale. If there was no family connection, in todays market it would be about $1000 + or - to my mind. You may get more money by parting it out. The barrels if all original would be the most valuable part.
Best of luck with whatever you decide to do.
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