[ithacaartist]

OP says, "w/o deep pits."

IMHO, overall "freckling" would be more of a restoration problem than some distinct, significant pits. The number and depth of pits makes the difference, I think, in determining how difficult to restore. I agree that pics would help, but this one seems to be in the middle ground between collectible and shooter. Respect for originality is paramount in collecting, so I'd rate this one as an interesting, marginally collectible with a finish issue, and an entry level or place-holder pistol that one could comfortably also choose to shoot without trepidation about ruining its value.

Restoration of such an example automatically erases all collectible value, and thereafter it would stand on its individual merits alone. All spiffed up pretty and functioning flawlessly would make it a high end shooter with commensurate market value.

I'm in the middle of fixing up my landlord's childhood Remington Model 41 Smoothbore I acquired in a swap for a couple of filing cabinets. The barrel was thoroughly freckled from storage in the lower part of a barn, and I had to soak it overnight in PB Blaster just to get the bolt to move again. There were enough sufficiently deep pits in the mix to contraindicate their total removal, so I had it fine glass bead blasted to give it a nice satin finish after the light pits were worked down. Small pits still abound, and although still noticeable if you look closely, the metal now has nice "curb appeal" after the re-blue.

Refinishing the walnut stock with Danish oil is another way I'm throwing good time after bad. And heck, I'm even going to look into having the bolt jeweled! I guess my point is that one can do what one wants with one's property, but it's best to consider the implications when deciding.