Sorry to hear about your grandfather. Many years ago, 32 years ago come to think of it, I inherited my grandfathers rifle. A few years back I gave it back to one of his sons, my uncle, who coveted it but never said a word. It's nice to know it's being used, more than I would.
But back to your question. To honor my grandfather, I would buy something walnut and blued, quality. It wouldn't be a Tikka, unless it happened to be one of the old 55's or 65's. I would probably buy one of the new FN M70 featherweights in a caliber that you'd use a lot, and think of your granddad when using it. As has been mentioned, then someday you can proudly pass it along to your grandson!