If you've got the room for it, I'd say take it and enjoy it in his honor. If he can handle hearing about your use on his equipment without it making him too sad thinking about his loss, it might be a way for him to live vicariously though you.
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Bikes: 1996 Eddy Merckx Titanium EX, 1989/90 Colnago Super(issimo?) Piu(?), 1990 Concorde Aquila(hit by car while riding), others in build queue "when I get the time"