Thanks guys, I am on the fence. I don't mind paying more then the value. I'm not planing on selling it. I want it to tell the best story it can when I display it.

Determining value is just a side thought. Lets just say it cost $700 to refinish it. Would that increase the value at all; maybe $200 more or decrease value? I asume it's worth $250-$300 as is (got it for free).

I think you both are right. Let it show its age and history with the patina.
I think I will get the letter from Smith & Wesson historian for $50, a shadow box and an old advertisment from the 1800's.

Thanks again guys, great advice!
-Dave