That is so nice that your aunt thought to give this to you! I am sorry for your loss-I lost both my grandmothers in the last few years. Within one week of one another!!!
I have been sewing longer than knitting-since I was 11-and I was blessed to inherit my maternal grandmother's sewing cabinet, machine and lots of sewing paraphenalia (sp??) along with it. I have my own machine set up on it and use her cabinet regularly. I think of her frequently and fondly while sewing away happily. She was an expert seamstress and could look at a garment and make it without a pattern
My uncle on my Dad's side gifted me with my paternal grandmother's sewing machine as well-a Singer Featherweight!! It's in beautiful shape with all the goodies. Again it is wonderful to have this and think of her-I miss both my grandmothers and these things make me feel close to them.
I hope you treasure your Grandmother's knitting bag and use it! I'm sure you will :o)