I have one like this only it has a 6 inch barrel and is a "Target Model". It's got some mileage on it but I have never regretted buying it - one of the nicest 38spl shooters I own.
Your g-grandfather's pistol is a beautiful piece! I hope you hang on to it and keep it in the family - it's a nice piece of family history that will make you think of him everytime you look at it and handle/shoot it.