I would probably not alter this piece, as it's a family heirloom. Get it checked out, appraised for insurance, insured and if you do anything, size it to wear on your right hand for special occasions, otherwise lock it up and save it for your kids.
For now it is in a safety deposit box.. I am taking it with me home to Atlanta in January to have the jeweler that works on all my familys stuff apraise it.