You could have a lot of fun restoring it and adding a decent scope.
That 5-round mag is worth a 10-rounder plus some cash; they are quite scarce.
For a scope mount, try the S&K. I am using one on a Number 4 and it is SOLID. It allows the scope to sit a bit high, so you can us a bigger objective on the scope with no troubles. Height is a little high for bench-resting, but it is just about perfect for snap-shooting, which is what Bambi-blasting is, anyway. An added bonus is that the scope will JUST clear the handguard. This is a no-drill mount, so you do not damage your lovely old Milsurp rifle. It costs about the same as a drill-and-tap job but it is a LOT more solid than that silly little TO base which is the norm for the Lee-Enfield Number 4 and 5. You can order it with S&K rings (expensive) or for standard Weaver rings, which gives you a bit more flexibility on mounting your scope, as they are available in 4 or 5 heights. And, even better, you can put the rifle back to full military any time you like by removing 1 little screw and 1 bolt. The mount and cope then are ready to put onto another rifle for testing. I like that feature because I have a closetful of Number 4s and 5s.
On thing I would recommend is picking up a Number 4 butt for the critter. The proper Number 5 butt has that little rubber pad on it and the rubber, these days, is 70 years old and about as soft as cast-iron. It SMACKS. Number 4 butts just bolt right on AND they are available in SIX different lengths (Bantam, Short, Normal, Long, Extra-Long, Extra-extra Long) which enables you to FIT the Rifle to YOU. The Lee-Enfield is the ONLY military bolt rifle with this feature.
Decked out almost Factory, with a honking huge scope and that ###y flash-hider, you will get a LOT of comments from other hunters...... and likely half of them trying to buy your rifle before you have got a round off at Bambi.
So don't think about continuing Bubba's work. He has only wrecked ONE hard-to-find part.... and they come up in the Parts forum in Military Surplus Rifles in the EE fairly often.
A bit of thought and you can make this into an EXCELLENT deer rifle WITHOUT knocking $300 off the value.
And that is what you would be doing if you allow Bubba to set the course.
Hope this helps.