That is a fairly interesting Luger to me. Kinda depends on what you want it to be and budget. More original looking or a custom shooter. I understand the feeling for the Luger, tis good to still have the Luger and its memories.
Original rear ladder type sights for the artillery are for sale on occasion, .....pricey. One should observe the little teeth on the side of said sight for missing/worn/abused teeth. These teeth perform a function of elevation. This missing teeth issue can cause the pistol to move in elevation when not wanting that. Some folks improvise in securing said elevation of the sight, but the teeth(small) on the side of these sights are difficult to repair.
Reproduction rear arty sights are out there as well. Lesser cost, but some think they are not as good durability wise sorta speak. Some speak the same of replacement Navy rears, the materials are not as tough. The barrel and toggle of the Luger are tough environments for adjustable mechanical things.
I would suspect that your Luger once featured a custom rear sight, probably adjustable in nature. Probably a one of... type of thing. One could duplicate something along the lines, but have to remember that the rear toggle during operation is a pretty hostile environment for adjustable sights. Custom work from scratch is time consuming, hence pricey unless you can do it yourself.
To release the firing pin of a Luger without the usual shock, lift the toggle up partially and pull the trigger, you will hear the firing pin drop. As you know, full dry firing the Luger is hard on the firing pin's tip from the shock of being unsupported when it hits the end of the breechblock, and sometimes causes the firing pin tip to fracture, and fall off the firing pin body. Your method of using a snap cap fine if the snap cap is in good working order, ie provides the cush to the nose of the firing pin.
The hold open has two parts, spring and body. The hold open assembly engages the button on the side of the empty magazine. The leaf spring is supposed to allow movement of the hold open upwards to engage the breechblock with empty magazine. The other aspect of the spring is to hold the hold open below the run of the breechblock during operation. I would suspect that your spring is bad, what from, I cannot say. Replacement springs are available.........again the originals are the best, some of the reproductions may not have the same robust capability.
There are probably a few pictures of custom rear sights on the forum, the search function is your friend.
There has been some pictures of arty lugers with optics from time to time, red dot as well as scoped; but again custom machine work is a key ingrediant to such mechanical interfaces. Any added custom features add weight/mass to the pistol, have to remember the Luger is a balanced mechanical marvel.
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