I would have been shocked if this hadn't ended up with you, Bill. Congrats, and good luck!
Personally, I'd care for it without doing a restoration for that special mojo, unless leaving it as is would lead to deterioration. The electronics would be the hard part. How does one preserve the originals yet make it playable? I can't believe it would be easy to find period components to replace what's in there. The expense of replacing the whole lot to preserve the originals would be steep and might change the vibe as well.
I'm sure you'll consult with the family and make the best decisions, though. Again, best of luck with that special guitar!
-bob