I got a nice Swiss Military watch [black leather strap, square face...my fave style] the 4th season of 24 on DVD [I haven't seen it AT ALL yet...]. As far as budo gifts go, I got a Cold Steet rubber practice knife for dojo.
Jest -- You should take your grandpa's old watch to a good watch repair centre and make sure it is clean and in good shape internally. Even the best quality watches require servicing every few years to keep them running properly. For an heirloom like yours, it's doubly important.
David Anderson
Calgary, Alberta
"Swords are the rosary of Aikido"
D. H. Skoyles Sensei 04/03/01
Nakayamakai KoAikido dojo