I think the question of restoration starts with a question, does the gun still retain collector value or is it a "shooter". If the former leave it alone except for mechanical repairs and mitigating previous damage to collectability like replacing the white line pad with period correct as suggested.
If a gun is a "shooter" to start with, and I "like" it, and I plan to use it for a long time then I might consider a partial or full restoration. I also know there will be no return on investment on what is spent on restoration, more likely a loss if the gun is sold. For some of us bringing a "project" gun back to life can be fun.
I think your gun falls into the category of still having some collector interest and value. My advice is to replace the pad and leave the rest alone.
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