Mike - If your Grandma's gift does turn out to be a stalactite or stalagmite as she thought, it will still be an interesting piece and worth photographing. I for one would be very interested to see a sawn and sanded cross section, prepared along the lines of the concrete in Rik's recent posting.
I'll try and answer your question about the resin ducts etc - although its a huge subject and I'm certainly no expert. Firstly, if you haven't already done so I suggest you check out the related Microscope Forum posting "Cell and ray detail in 48 million year old fossilised wood" which shows details of the medullary rays and cell structure:
http://www.photomacrography.net/forum/v ... php?t=2016
Identification of fossil wood is usually based on similarities with living species and fortunately there are a number of books on the subject of identifying modern woods. A good and faily cheap "starter" is
"Identifying Wood: Accurate Results with Simple Tools" by R. Bruce Hoadley. If you've got the money a really great book on the subject of identifying fossilised wood is,
"Ancient Forests" by Frank Daniels and Richard Dayvault.
Of particular significance is the look/structure of the bark and (when viewed in cross section) the grain pattern produced by the annual rings and the medullary rays (radiating from centre to bark). The presence/colour/transition of earlywoods and latewoods and the presence and arrangement of earlywood/latewood pores are also very important factors in pinning down the species of tree ....and of course there are many more identifying characteristics that may helpfully be looked at - eg, resin ducts.
If present, resin ducts (see pic2, Microscope Forum posting) can either be radially or axially oriented and typically are shaped like drawn out ovals. Now the chap that I bought this "log" from (a major supplier of fossil wood) obviously considered the presence and arrangement of the resin ducts to be particularly diagnostic of a Schinoxylon species as he singled out that observation to be included on the specimen card that came with the fossil wood.
Hope that helps a bit.
Bruce