If you paid $400 or under, you didn't get hurt. The great condition original stocks are worth 1/3 of that. Is the right side grip numbered on the backside?
The extractor rod was also changed to accomodate the un-notched barrel of the post war 1950 Military Model. It's not fitted properly however, and the reason the front locking bolt is sticking out so far.
In answer to your question; yes, it can be fired with or w/o 1/2 moon clips. but w/o clips, if the cases don't fall out the extractor will not extract them. You can also shoot 45 Auto Rim and you won't have to fuss with clips for the cases to eject.
My thoughts if I bought it for simple improvements to have a proper 1917 vintage look:
1] Strip the blue off the hammer and trigger with Naval Jelly, but do not polish. The factory never blued those parts.
2] Get the cyl blued.
3] Install a proper mushroom extractor rod knob and notch the barrel for it.
Cylinder hold open detent:
Military 1917s had the cylinder hold open detent in the yoke bell crank as did all pre war N frames and some early I and K frames. Use caution if you remove the yoke and cylinder from the frame or the spring and plunger can launch across the room. I've seen many that at least had the hole with wear evidence that the detent spring and pin were lost, probably when someone removed the yoke who did not know they were there.