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That Ruger is more than salvagable. Alot of engravers will pass at 'saving' a gun like that because they don't do their own prep work,,polishing. Knowing what and how to polish in preperation for your own engraving and what the engraving is going to have to do in a case like this can save one such as this Ruger. Not a knock against those that don't do their own prep work, just a fact. It takes alot of extra time, skill and patience not only to polish correctly but to learn how to in the first place. That's time most engravers would rather spend cutting.
Furthermore the R/M at the beginning of this thread is a perfect candidate for an engraving project. A careful polishing and engraving job could leave the gun with no signs of it's present condition IMHO. I've worked with alot worse.