Thanks to everyone for your responses. This has been very helpful! Here are some pics of the cue that I took with my phone a month ago. I'll try to get some better pics when I see her for Thanksgiving.
So, some background info...my mom was married to a big time pool player from the early 70s through the mid 80s. He gave her this cue and taught her how to play. She continued to use it throughout this time and up until the mid 90s or so when she stopped playing leagues. This cue has definitely been loved, dropped, forgotten, etc. But it's in surprisingly good shape. Only a few minor nicks in the finish, and the wrap has no nicks, stains or marks at all. And it's straight as an arrow!
She only has one of the shafts. Apparently in the divorce, she barely made away with the cue and one shaft. The ferrule came off while playing with me a few years ago and I had Tom Coker put a new one on.
When my mom told me that she planned to leave the cue to me, and she told my siblings just in case there was any doubt, she basically said "do whatever you want with it, I'll be dead, what will I care? But if you suddenly get struck by lightning after you make any changes to it, you'll know I didn't approve." I immediately assured her I had no interest in being struck by lightning so would prefer to get her blessing on changes long before she's gone. She's only 60, I don't plan on losing her anytime soon. But I'll be damned if I'm left to guess if she'd like the changes or not and risk death by motherly lightning.
I told my mom that I'd give it a good home and that I'd *like* to someday actually use the cue. It hits so well. But I prefer a leather wrap, so in order for me to truly love using it, I'd need a leather wrap. I'd also want to get a new 29" shaft made for it, since hers was modified to be only a bit less than 27". No idea why. I have a Lamrbos now and love it, but I would absolutely love to have her cue, with leather wrap, and be able to use it from time to time.
So, all that said, I'd sooner sell a kidney than this cue. Resale value only matters to me in that I don't want to be that jackass that destroyed a relic just because I thought it'd "look cooler". You know how you feel when you see a beautiful muscle car and some jackass spray painted it lime green...