Heck No! If it functions fine, and shoots well, slap a coat of
THIS on it and SHOOT IT!!!
Who'se back yard was it found in? I wish I could find things like that in my backyard. I have rocks and nails in mine...
Here is a link to a refinishing job I did on a 1917 DWM that wasn't quite as bad, but still in need of a new "luster":
My 1917 Shooter