What is likely more important hasn't been discussed at all:
1. Will it pass a 10-G stunt pull test? If it is that old, and was assembled entirely with Ambroid, and stored forever, it may still look good on the outside, but.... Strange noises and pops during the pull test would move this back into a "wall hanger" category for me, unless I was committed to rebuilding it--which might be worth it if it is still straight.
2. If it passes a pull test then just take care of the control sensitivity concern by hooking up a handle with appropriate line spacing. Deflect your wrist about what you are used to, and see if you can get 25 degrees or so on the elevator. You don't need to stretch out full lines. Just rig something up close so you can watch. If this looks ok, then
3. Check to see that the flap-to-elevator rigging makes sense. Either equal, or less flap than elevator.
4. Check to see that the control friction is reasonable. If it is stiff, see if lots of repeated motion begins to free it up. If not, you're going to have to find the problem(s) and fix them. Also check for control system slop. Leadouts to flaps. Flaps to elevator.
5. Check the rest of the trim. Old, stored planes often have warps. More so if silked and doped. You don't want to destroy a nice looking wall hanger because the wing looks more like a propeller. Part of the trim check should include CG and the leadout location.
I've worked on quite a few OPPs (Other Peoples Planes) in the last few years and am continually surprised by oddities that a builder will incorporate. Whether by mistake, or by incorporating a novel idea to "improve" something that used to work well.... And don't assume that quality woodwork means that the controls installation will be correct, or of equal quality. I've worked on a couple planes that might have been built by pure free-flight guys. The woodwork was really nice, but the controls were non-conventional (to be charitable) and virtually guaranteed an impending crash.
You can do all of the above in just a few minutes, and it will tell you how much potential your gift has.
Dave