Firearm condition

This can be very subjective. Some might figure since the mechanical working condition might be in good condition, the whole gun can be considered as good. Maybe it can as long as it is pointed out that it is not original condition or the rusting/pitting is not so deep as to cause a dangerous shooting condition. Then it would have to be rated as poor or unsafe.
If you had a gun where the stock was cracked and badly worn, it would likely be rated as poor. But if the same stock was repaired and refinished, there is no reason it couldn't be rated as good as long as said work was pointed out. Same as rust/pitting. Some oil and 0000 steel wool will do wonders to minor cosmetic issues.
To what you might be referring to, I believe the gun could be rated as good non original condition as I think the rust/pitting could be easily taken care of and it wouldn't affection the integrity of the firearm.
 
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Some light rust and pitting & refinished stock , would you rate this firearm as good ?
Yes.

http://www.collectiblefirearms.com/NRACondition.html

NRA CONDITION STANDARDS FOR MODERN FIREARMS:

NEW: Not previously sold at retail, in same condition as current factory production.

PERFECT: In New condition in every respect.

EXCELLENT: New condition, used but little, no noticeable marring of wood or metal, bluing perfect, (except at muzzle or sharp edges).

VERY GOOD: In perfect working condition, no appreciable wear on working surfaces, no corrosion or pitting, only minor surface dents or scratches.

GOOD: In safe working condition, minor wear on working surfaces, no broken parts, no corrosion or pitting that will interfere with proper functioning.

FAIR: In safe working condition but well worn, perhaps requiring replacement of minor parts or adjustments which should be indicated in advertisement, no rust, but may have corrosion pits which do not render article unsafe or inoperable.
 
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