I have had a basket case or two that I thought of restoring, and even sent it to a well known restorer. He said, "Id rather not do this one"...
It came down to time and money, it costs too much for the average person to have done, unless it is sentimental or really rare. With the welding, fixing, welding and then bluing to make it look correct. And if sentimental, to me, it would have to be some kind of water accident that happened after Dad brought it home...
One of the restorers messed with a 1900 (or was it a 1906) for months and months, sending it out to a friend, adding metal, smoothing, adding metal. In the end I think the result was still under par.
For a "fun project" it might be worth it, if you can do it yourself, but otherwise, I have sold my basket cases for parts; as it just wasn't worth it to me.
Ed
PS: I don't think I blame a person like Ted in not wanting to share "secrets" as he spent a lot of time and money getting the results just right. He could write a book on the process and maybe make a $1,000 over 5 years selling each book; seems like a small amount, but books like this aren't best sellers
only so many folks looking for info on gun bluing / repair etc.