Bill, I'm assuming that you posted this *before* you bought it to get members opinions on it...and I've got opinions...
I'm not knocking this Luger down as far as target shooting is concerned - it most likely is pretty accurate. If you're a shooter who is only concerned with tight grouping then this should satisfy you.
I'm kind of anal about how things look...This looks kind of sloppily put together, at least the rear sight mounting. I wouldn't have chosen the S&W sight because to get the proper height adjustment, S&W made the spring tang long...but this one has been drastically shortened...I would have chosen a Bo-Mar or even a Colt-Eliason or Accro [both used on the Gold Cup] rear sight for it. Bo-Mar is out of business, but the sights crop up on eBay or GB now & then. I haven't made a study of it, but I've seen the sights mounted in a 'shoe' which was then brazed to the rear toggle, after it had been suitably milled to accept it.
(Edit: Here's a thread with a S&W K-frame rear sight mounted in a 'shoe' by Hugh for a target Luger -
http://forum.lugerforum.com/showthread.php?t=16879 - Towards the bottom)
I would also make the front sight adjustable, by means of a dovetailed slot and several blades of different heights.
I would have made it 7.65mm Luger instead of 9mm. You can get a flatter trajectory with the lighter bullet.
I'd drill & tap the trigger for overtravel adjustment.
I'm not a gunsmith, just a hacker. I'm not trying to drum up business; I have more projects going now than I can find time for. But I have made some target conversions. Here's one I made years ago which shoots much better than I can...[pic below]...
