I think the short answer is that you can pretty much do what you want short of blueing the reciever or shortening the barrels and not hurt the value much since it appears that someone has used it rather hard. I would probably try to find some better wood maybe scavenge an old damascus D and I would definately get any mechanacal issues like off face etc taken care of. I would save the old wood if when you sell it somebody wants the original stuff.
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