It was made to use to catch fish. Personally, I think whomever in your family passed it down to you would be happy you were using it for its intended purpose.
I know a guy who has an old Martin guitar from about the same timeframe who rarely ever plays the thing. The one time I got to play it, the thing sounds like angles singing. Man, it was meant to be played. It's lasted 70 years, a couple more dings and pick scratches won't hurt it one bit.
I think your rod is much the same. As long as it is reasonably sound and you don't leave it sitting on the roof of your car when you drive away (don't ask how I know about such things) you might as well fish with it.
I woud imagine it's heavy especially compared to today's graphite rods but I don't see any harm that would come from giving it a try.
If nothing else, your fishing buddies may think you've lost your mind and won't want to fish anywhere close to you in fear you'll snap. Heck, you may even want to swat at invisible flies and talk to yourself or better yet, have an argument with yourself. That way, you'll have your section of stream all to yourself.