Tim,
If you were to take this on as a project, I believe you would spend more in restoration than it would be worth as an original. The only difference is you would spend it gradually over time. And when you were done, you would still have a restored gun which would be worth about what an un-futzed gun in 60% would bring.
That's just the way the market works.
Save your money and then buy the *absolute best* you can find. You can always get more money, but really great Lugers only show up when their previous caretakers have an appointment with the man in the long nightshirt.
My zwei pfennigs,
Tom A.
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