While you didn't mention anything about customizing it in your original post, some others have commented here about converting it to a big bore. I just wanted to add some comments to that arguement.
I heard a story today about a guy in South Africa who customized a Singer-made 1911 pistol. He had dovetails cut in the slide for Novak sights and had it chrome plated before he realized the collector value of the pistol.
The lesson here is: Check out the value of old weapons before you take out the hacksaw and do something foolish. There probably aren't many 1917s with the value of a Singer pistol, but it might be worth more than a new rifle in the caliber/configuration that you want. If it's clean and original, somebody out there wants it that way.
Since you're inheriting it, you might also want to learn about its history. It might have sentimental value worth even more than the collector value to someone in your family. Maybe it's the rifle your uncle's father took with him to France in 1918? You should ask some questions.
The 1917s keep going up in price. I've been looking for a clean one for several years and I've passed up a couple that I wish I had bought. I've haven't seen much below $350 and some as high as $600 for a real clean gun.
The 1917 action is one of the strongest ever made. (Which is why they are good for converting to big bores.) I went to the range with a friend who himself had just inherited an original 1917 and a Marlin lever action chambered for .35 Remington. After firing five or six shots, I heard him cuss and moan because he couldn't get the 1917 to print on the target at 50 yards. I walked over to his bench to see if I could help him zero his rifle. That's when I noticed he had a box of .35 Rem out and open on the bench. He had managed to chamber and fire 5 or 6 rounds of .35 Rem through that 1917. It was no wonder he couldn't hit the target at 50 yards. After handing him the right ammo and steping back away from his bench he started putting 30-06 rounds into the center of the target. Moving back to 100 yards, he was printing 3" groups. I can't imagine what kind of chamber pressures were developed by shoving a .35 bullet down that .308 diameter bore, but I was impressed that there was no apparent damage to the rifle.
Good luck with your rifle. It's a damn fine weapon.