That could be restored/refinished.
Worth it to do? Depends on what the gun means to you,,wether you are doing the work yourself as a project or have to pay some one else to do it,,ect.

Yes it can be brought back IMO.

Pitting is just that. It ain't going away by just splashing it with something or covering it with a coating. You have to file , grind or otherwise remove the surrounding metal to a level lower than the deepest pitting.
Other option in welding in some of the deepest pits so as not to have to take the original surface down as far to get a clean one.

You'll probably remove some of the markings, so figure they'll have to be re-cut after polishing is done. Some engravers do that work some don't want to touch it. A roll die would be nice but not many have such along with the other proper caliber, address and misc frame marking dies needed.

If the bore and/or chambers are effected by the pitting in any way like the outside of the gun, I wouldn't put much work in to bringing it back. It'll always be a nice gun w/a rotten bore after that.
Making it into a presentable shooter/carry gun would be an option for it. Much less work and not as much attention to detail towards a restoration.
Just make it look better,,it sounds like it functions just fine as is.

It's perfect piece for someone to work on that is learning the trade of restoration. You can't learn from just reading books and watching YouTube videos.
You spend countless hours at the bench producing a fine finished product that nets nearly nothing in $$ when and if sold. But the experience you gain is priceless.
Not many places to get paid to learn this stuff.

Just my .02,,,