A wonderful acquisition. You'll love it!
One thing you might want to check is to see if Grandpa had it reamed out to .357. Simple enough to check, just drop a .357 cartridge in the chambers and see if it goes all the way in or not. Usually this would lessen the value. But since this is a family heirloom, I don't see where it would matter.
If you reload, whip up some old time .38/44 high velocity loads just to see what shooting these guns was really like. Its a hoot!