No. I'm not aware of any S&W double action revolvers that have a "half cock function." Generally speaking that is a feature of single action revolvers.
It would be fun to see pictures of the old girl - many of us here are quite fond of the .38 Combat Masterpiece, especially of those made in the first half of the 1950s decade. (I guess I'm just assuming it is a .38, since you didn't actually say so.)
Also, tell us the serial number. At this point we can only guess at the approximate range.
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Jack
SWCA #2475, SWHF #318
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