congrats. I really like the "improved" Fords, and hope to have one like it one day. Your grandfather likely put that brush paint job on, so I think it would be neat to tell that story and see his brush strokes on it. That's the way they "restored" cars back then.
Especially if they were cheap cars. Spraying a quick modern paint job on it will in my opinion ruin that vintage effect, but it's your car and you can do as you wish. Going through the car mechanically will likely be enough of a challenge if you want to drive it next summer.
That T is perfect as is. Just do the maintenance, make it roadworthy and drive it. A lot of character there. Just my opinion. Very nice and good luck with it.