First of all, you're very lucky to get "family" tools; honor them with use, the fact they were in your family will give you a sense of satisfaction every time you pick them up.
Second, I don't know anyone who actually uses a #1, frankly there are much better alternatives, and the ergonomics of the #1 are horrible. I didn't see the chipped mouth in the pics, but that has a significant effect on value, as well as the missing front knob. That being said, the plane is still worth hundreds, likely south of $700, but it will only go up in value. I have one in similar condition, and I just cleaned it lightly, put on a coat of paste wax, and it sits on my mantle, my wife says its her's now 'cause its so "cute".
As for the balance, I know a lot of folks strip and repaint (actual japanning is a long and involved process, most use engine paint), but unless the japanning is 90% gone, I would advise just to clean them up, wax them up, fettle and use them. In my view, very few planes, generally basket cases with almost total rust, require stripping. I'd rather spend my time tuning them up. YMMV.