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The short answer to "what to do with it" is shoot the snot out of it.
I don't have the "Book" to look up 126163, but a CHE #2 frame, 32" ACME Steel barrels, caped pistol grip, Silvers pad with the pad part gone.
I can't give an estimate, but would guess $5,000+ in its current condition. I would not do a thing to try and improve condition as that often leads to devalueing the Parker by thousands of $$$'s.