OK, I tried a 38 Special round and it fits flush in the cylinder. There is some play which isn't bad, but it seems to be a little more than on another 38 Special which I used to compare. Although the 38 Special rounds may split, bulge, or crack when fired, is it safe to shoot the gun with a medium load?

A book at the gun shop said these pistols were worth from $200 on the low side (rough with rust spots) to around $600 on the high side. I took this to mean if they were not modified. Since this one has been modified and the Nichol plating is faded on the barrel, but everything else seems to be in working order, what would this one be worth (ballpark figure)?

BTW, thanks fellows for the replies and information.