perhaps suggest having the diamonds in the ring reset to something you like better? That way, it will still have some of the symbolism and history there, but it will also be something you like.
We were just ring shopping this weekend, and while I hope to wear my grandmother's engagement ring (which is small, I'll admit, but I think it's beautiful, it has meaning, and it looks great on my hand)... I did get drawn in by some of the fancy platinum rings and more flashy diamonds myself. When it comes down to it, though, I think I'd take a milk cap ring, as long as it came from him