I would leave it "as-is", but remove the forward section of the firing pin for safety, before placing it in a position of honor in your home.
While eminently shootable with properly handloaded ammo, I would always be leery that someday in the absense of more knowledgeable folks, some innocent may fire full-power ammo in it, and harm themselves or some bystander needlessly.
Its a beautifull sporter, In this case I would leave it as is, anyway It is a link to your Father in Law. I am lucky and have been blessed with a wonderfull Father in Law, that I love very much.