Again sweetie I see nothing wrong with what you want to do. That pin is rightfully yours, you bid and won it from Ebay. Yes, whomever it belonged too should have returned it but they didn't so it is yours now.
F&F (sorry wanted to abbreviate) has a point about it not holding up, the thing is though as an alum you RARELY (at least for me) wear your pin. If I'm lucky I wear it TWICE a year. Hardly the amount you would wear it as a collegian. (Obviously this is different if you are an advisor for a chapter of some kind, you will wear it more than). So I think as long as you take care of the pin and guard (which I can't see you not doing) the Alpha pin should hold up just fine.
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"Courage is not the absence of fear, but the capacity to act despite our fears" John McCain
No one can make you feel inferior without your consent." Eleanor Roosevelt
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