Pretty bicycle there, Colnagos in red always look a cut above to me. I like the looks of the fork on it, but that is a personal decision for you to make.

A +1 for [MENTION=168558]Drillium Dude[/MENTION], I'd take what he said above, that fork should be fine for now. And if it were mine, it would be disassembled completely and cleaned thoroughly. Then a slow meticulous reassembly using plenty of quality grease, anti-seize paste where appropriate, and other assembly items for a quality level job. It deserves no less, and your keeping it going is a great tribute to you buddy, good on you for that.

Be sure to keep posting as you go forward no matter how you decide to proceed. You have us hooked, please don't leave us dangling