jmachek:
The Crane (Colt terminology) or Yoke (S&W terminology) is the arm that carries the cylinder and allows it to swing out from the frame. This gun predates model numbers, which were introduced in 1957.
Your FILs gun is a .32 Hand Ejector Model of 1903 5th Change manufactured between 1910 & 1917. Serial range for those years was 102501 to 263000.
This model predates heat treatment of cylinders which began in 1920, so stick to standard velocity lead loads, don't try any hot handloads. Any factory ammo should be safe to shoot.
It also predates the positive internal hammer block safety introduced in 1944. If dropped it could fire. I recommend that the chamber under the hammer be left empty.
Value is not high as there were over half a million hand ejectors made and the round is considered obsolete as a self defence load. In 2006 the Standard Catalog of S&W gave a value of $315 in very good condition.