IMHO, it would increase the value to take that barrel off and put a 4" barrel on it. Sarco, Numrich, and Lugerdoc all have 4" barrels.
Trying to repair that front sight, or rework that barrel to look like a Luger barrel (of any sort) would not be cost effective.
You could add a repro artillery barrel, but the cost would be as much as the pistol is worth and would not greatly increase the value...
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