That gun has already been refinished so you can't make it any worse. If it shoots well you have a cheap plinker. If you cut the barrel and it shoots well you have a nice little pocket pistol. If you do the work yourself it won't cost much more. Probably a great project if you are so inclined and it sounds like you are. If it were an original finsish I would feel differantly.
Mark

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Mark Connot