If you can use the irons and find the magazines, there is no particularly reason not to shoot your M52.

I have been competing in Bullseye Pistol for the last five to six years, and I don't recall seeing one on the firing line. I think there are several reasons.

1) the M52 is a collector's item. Where do you get parts?

Magazine, discontinued

Smith & Wesson Mag S&W 52 38 Special Wadcutter 5-Round Steel Blue

2) Ultradots, Red Dot type sights are the most common aiming equipment around. Old geezers like me can't see the sights and the target anymore, and even young shooters do better with optical sights. It cost me $100 to have a 1911 drilled and tapped, I suspect a M52 is in that ball park, if you can find a base.

Sight base, discontinued

Aimtech Base S&W 52 Target Matte

3) It is an extra pistol to clean. 2700 Bullseye is a 22lr, centerfire, and a 45. Most competitors fire a 22lr and a 1911.

4) Different ergonomics. The best shooters use a 22 lr conversion on top of a 1911 frame so they don't change anything related to grip and trigger alignment. Even though I am not one of the best, I can tell I have to relearn how to grip my 1911 after firing a M41 or a Ruger MKII.