Dean,
Looks like you have a nice Parker.
Can you shoot it, I would guess yes. But, if you have any reason to think it isn't in shootable condition or just want a "real" opinion I would ask a qualified gunsmith. Someone that can hold the gun and look it over is much better than the web and a picture.
You do indeed have a VH. Th V is the grade and the H is for hammerless. If it had ejectors it would be a VHE. But, your gun has extractors, so it is a VH.
Case colors.... When they made the gun the metal is soft but as one of the last processes, they put it through a process called case hardening or heat treating. That process makes the outer layer of the metal hard, it helps to prevent wear and rust. The inner metal is kept soft because if they hardened the whole part it would become brittle and crack or break. Anyway, the by product of the heat treat process is a rainbow of color on the surface of the metal; it can have many colors. The colors depend on the temperature that it was raised to and the rate at which it was cooled. These colors can look like oil on the surface of water. But, they are thin and tend to wear off with use. That is why they are an indicator of condition of the gun; the more case color the higher the condition (generally).
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