Picked this up at the VGCA show from Red9 (Thanks again!). Serial 28454 (Shipped January 1927), I'm guessing originally a 5" chopped down to 3.5", what looks like a RM rear sight added with a W/O rear blade and a copy of the King Reflector up front. I tried pulling the rear sight but I think it needs to soak a bit to loosen up. Smooth trigger with stop screw and the back/fore straps are smooth. This is presumed to be from the same person who did Red9's other modified target guns:
Modified or Butchered?

and Tom K's:
Triple Lock target conversion (not King) - Tulsa, April 2014

So now I have two 1926's that need to see the range. Got the service stocks currently on the BBBTG at today's show also. 139xxx stamped which I'm guessing is a later commercial 1917.

Edited to add: This could have been part of the first shipment to W&K. Based on this thread, first shipment was 75 5" nickel 44's. This one is less than 100 from the start of the 1926's and Roy has already dated it to Jan 1927.
http://smith-wessonforum.com/139585460-post9.html