Here's something you may want to consider, in view of your obviously long friendship with Numby and his thoughtful and very generous gift acknowledging his appreciation of your interest in the future of your Godson.
Were the situation reversed, I have no doubt Numby would do the very same for you and your offspring.
Since I see that you're about to celebrate your fifth anniversary and may well still be interested in having children - unless you married late in life like I did - you might want to get busy in that department.
Upon the birth of the child, name Numby as Godfather - in fact, if I were you, I'd name the child George, regardless of sex.
At that point Numby will undoubtedly begin to buy US Savings Bonds as an annual Christmas gift for
his Godchild and when those bonds have reached maturity, cash them in. At that point you should have a tidy sum and more than enough money to fulfill the rest of your equipment wishes, whatever they may be, and fill your tackle room.
I don't think there's probably much chance of litigation, but you might want to check with your attorney just to be safe.
Please keep in mind that we've never had children, since we married late in life, nor have I ever been asked to be anyone's Godfather, which I've always found puzzling...
Hey, it's just a thought...
Seriously, enjoy your gift -
any fish on that reel will be a pleasure given the story behind it...
