Welcome to the Bike Forums and your grandfather's old bike is truly cool! I hope you clean that old girl up and take her out, now and again. All I did to this
old Raleigh was clean, polish and tune...
Spend some time cleaning, polishing and tuning the bicycle. You might be very surprised at how nice it will look, once cleaned up. Resist the urge to restore, for now.
Also, since you are new to the interest of vintage bicycles, perhaps a bit of time spent looking around
MY "TEN SPEEDS" will help you get started in your interest.