Great thread, I got a chuckle out of it. Some of the ethos that applies to antique collecting is now being applied to collecting milsurps. It is a challenge these days to identify an original rifle. Most that I handle have been messed with in some way or another, usualy by private owners long often after they have left military ownership. They are still interesting non the less and it is fun to play detective and figure out if certain parts could have been changed in service, what is correct and what is not. There are many rifles floating around that look nice but are the result of somebody's efforts putting full wood back onto a sporter. Buyer beware.
Whether to restore or not is often an cunundrum that I find myself in. I collect militaria and part of it is collecting firearms, many of which are antiques (100 years old and older). My current collecting focus is on Commonwealth rifles and carbines from the latter half of the nineteenth century.
My hobby is to start out with a Bubba'd rifle, strip it down into its basic components, all gets sorted and goes into my part bins. If a barreled receiver is in good mechanical condition, if I find a suitable barrel, it will probably end up being a project and i will build it back up into a complete rifle or carbine to original specs, with original parts of the same make (Enfield, BSA, LSA, Sparkbrook) and with correct period inspection or proof marks. (I gotta keep a lota parts in my bins). In fact, I spend very many enjoyable hours finding the right bit with the correct markings for that make and model of rifle. The correct marked part is a bit obsessive compulsive, but that is my hobby and what I am into. For some reason a BSA barrel band on an Enfield, bugs me (why are most MLE trigger guards out there made by BSA?). But with some older stuff, finding a part that simply iwill fit and function is a challenge, so I can't be fussy. Some parts are harder to find than others, but if I can't find a part, I will hand fabricate it or have it made.
The essence of most of my projects, is to try to remove the evidence of years of abuse and neglect, to return an arm is back to original spec (mitary or civvy) with a finish that reflects its age. Nothing wrong with honest wear, a hundred year old rifle is ok in my eyes to look well used.
A great deal of time (and money) is invested in each project, but when I am finished, I don't pretend that I have anything other than a parts gun. Yep, it is authentic and to anyone else, it would appear original. If added up, the cost of purchasing the parts and/or paying for gunsmith or machining services, I end up out of pocket $1000 for a rifle that might be worth $500. However, I would only loose if I were to sell, the value to me is in the hours of enjoyment tinkering with it.
I do the same thing with Jeeps and Harleys. I could shell out and buy a complete one, but usualy I'll find an engine somewhere for a deal, buy it and call it a project. I'll start looking for wheels, a frame, a transmission. Here we go again.
So my mission is to gather up Bubbad and beater rifles. What I end up with is good parts in my spares bins and a junk drawer full of bit and shiits that I cannot use for restorations due to being modified or very poor condition. Every once and I while, I will gather up these junk parts and put together a Frankenfield. Anything goes with rebuilding these ones, I get a release for all my Bubba tendancies. I can drill, file, cut, sand, paint, use cold blue, BBQ paint, fit after market accessories, sights and not feel guilty about what i have done. Each Frankenfield is 100% fit to shoot, I enjoy building these ones almost as much as restoring.
Projects in progress, carbine is built up from reject parts. All have good bores and are very shootable.
Bubba rifles built with parts that I cannot use on restorations.
Frankenfield in progress.
Birmingham Trade made Martini long rifle circa 1910.
1902 Enfield made MLE Mk.I*. I sold this one but made sure that I told the buyer that it was a resto and that the forearm had a grafted front section.
1918 Enfield made Sht.LE mk.III*. Parts gun built up on a barreled receiver with matching bolt. I slow rust blued the metalwork. Nobody would know unless I told them.
Three nice shooting rifles, one is 100% original, the other two are parts guns.
Top rifle is finished project, bottom pic is of how I bought it.
Another Frankenfield. Purpose built up from parts, it is probably the most acurate of the rifles that I shoot.
Where I find myself now, as my collecting interest moves backwards in time period, handling artifacts that have greater historic and collector value. Normaly, if I buy any regular firearm, one of the first things that I do when I get it is to strip it, clean and oil it. I get it squeeky clean enough as if I were to be on inspection parade the next morning. But with these antiques, I have to approach it differently. For example, if I have a 140 year old rifle that has obviously not been disturbed for many, many years., should I strip the action out of the woodwork? Should I remove the lock from the stock inletting to clean in behind the plate? I find myself telling myself "lest is best" and will leave well alone. I find myself in the mindset of what I once considered to be anal collectors. I leave those signs of antiquety alone. If I can tell that the rifle is undisturbed, i will leave that evidence there for the next collector to see. I can't tell ya how much it bugs me to leave old congealed oil and dirt in the cracks and crevices. I want to pull the action from the wood and clean it with oil and fine steel wool.
However, it is way too easy to take a $4000 antique and turn it into a $2000 one without trying.
So I have come full circle, from stripping and refinishing to just a gentle surface cleaning.
As for your project, my feeling is if you take an original $200 milsurp rifle, refinish it to look like new, but do it properly, you will still have a $200 refinished rifle. Maybe if the buyer isn't into collecting and don't care that it is refinished, maybe a bit more $$$.
I understand too well the urge to tinker with something and 'improve it'. So my recommendation is to find a complete beater with good bore and action, then make her pretty. Shoot it and enjoy it, life is way too short.