The buttstock is in good condition and is very nice on that PHE. However, in my opinion, the wood is too nice for a P grade and the checkering pattern on the wrist is not correct for the grade either.
If it were my gun and I wanted were to do any sort of restoration, I would replace the forend, recut checkering on the wrist, maybe add some finish to the buttstock (but it looks like it might be ok as is), file out the name on the guard, polish and reblue the guard. That would dress the gun up enough and address the issues with it but not be too much.
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B. Dudley
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