You're right that you've got a priceless family heirloom there. Just think of the stories that could be told of your grandfather carrying that Krag around with him on the farm and plugging away at unaware predators. What fun!

So, fix it a little to stabilize the stock and I agree a nicer scope would be great. But, keep it otherwise as it is to remind you of your granddad.

You should show us pictures of your other Krag too. Love seeing new ones.