Welcome,
Without photos, I can say that based on our description, you are describing a mono blocked or in other words, sleeved gun as Dennis described above.
This was not too uncommon to do at one time back in the days when Damascus barrels were "unsafe" to shoot. Some very nice barrels were cut up and lost in the name if ignorance.
If the barrels were in fact bad, then that is a different story.
The "wrinkle" concerns me. A good quality sleeve job should only show a faint line in the bluing that can be seen in the right light. If there is a step, or a major noticeable seam, or of the line is dressed up with engraving, then it is ales than stellar job by way of craftsmanship.
I can confidently say that this gun would not really appreciate in value. Unless you consider the ever so rapid inflation rate of the American dollar to be appreciation.
This is because from a collector standpoint, there is not value since the gun has been altered. A gun like this would be considered a "shooter" or "hunter". And is worth what someone will pay.
Regarding your question about light loads. I know that low pressure load companies such as RST do not make any loads that are over 8,000 psi with some loads down I the 5,000 psi range. I personally keep my loads under 7,000 psi and find they can be shot out of just slug anything that dimensionally checks out first.
Since you are a PGCA member. Reach out on the wanted section and keep an eye in the for sale section. Good honest guns can be found that way.
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B. Dudley
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