Grant, you have indeed found a rare treasure. The Bear Grizzly bows made in
Grayling, Michigan were of high quality and, in the opinion of those of us who
have shot Bear bows for years, superior in performance to the bows made after
the factory relocated.
BTW, the 54# is based on a 28" draw length.
Is it straight? Limbs are not cocked to one side or the other?
I'm sure there is a quality bow shop in your area with a staff that knows
something about recurves and longbows. Before ever stringing it I'd suggest
letting them have a good look at it to insure it's safe to shoot.
You'll also need a proper Dacron bow string for it, and a stringer so the limbs
don't get twisted while stringing. DO NOT put a "fast-flight" string on that bow,
as the limbs will not take that shock. Bows from that era were designed to
use a B-50 Dacron string. A custom, B-50 Flemish Twist string shouldn't cost
you more than $10, and a tube of string wax is probably under $2. Keep it waxed
(except the serving) and it'll last for years.
If you decide to have it restored, drop me a PM and I'll recommend a couple
of top notch bowyers that know their way around the old Grayling bows.