With five (5) bulges in the barrel, I'd drive out the barrel pin, and remove the barrel. I don't think it's worth salvaging, as it is. Several good ideas have been suggested, and there appears to be some donor parts available.

The frame has the keyway slot for the new (circa 1908 - 1910) trigger rebound slide. After removing and saving the studs, I've given early round butt frames to grip makers. One from this time period would be helpful to them.

Let us know what you decide to do.

Regards, Mike Priwer