No way. Don't do it.

That's a first year 58 with correct grips? It may have some finish issues, but those facts alone lend a degree of desirability to it. Maybe you should just sell it to someone like me who appreciates old worn guns to keep as is, and find a more run of the mill gun for that 3" project. No matter what, you'll spend quite a bit to do it and never be able recoup your money spent above the original cost should you ever decide to sell it (or need to).