Everyone has different skill sets but I love changing grips and would advise you to do the same for sure, provided you have some wood skills or similar.
Buy a couple different radiused wood rasps, they range in price from about $7 - $14 to however much you care to spend on a quality tool.
You'll want a good vice and stable work bench as well. My vise has "soft jaws" for gunsmithing but wood or other will serve the same purpose.
Change the biggest thing you don't like about the grip first...shoot it a while, think about what it is that you still don't like. Keep using this process until you arrive at a perfect grip for yourself. Find a grip you do like and use it as a template if in doubt, then emulate.
What do you have to lose...a free bow? You won't screw it up, as advised above..work with calculation and forethought. Heck, find a garage sale throw away/broken bow and have at'er..you'll develop the skills you need. Practice is the key.
Good luck and post pics when complete.
Kris