It is certainly interesting.....
Now maybe you need to do some trading here and get what you need for the 3" 66 RB conversion - I think this might be the best candidate so far.
When I saw the hammer I thought maybe a quick change between hammer and hammerless? Extra safeties because of pocket carry?
Someone was very safety conscious.
The hole in the trigger guard was for the Saf-T-Trigger modification. It was an invention or product, not sure which, of the Saf-T-Hammer Company, which made this type of key lock for many guns including S&W. A key turned a locking device which caused it to rise up and stop rearward movement of the trigger. I have attached a picture of the packaging which shows how it works.
The hammer modification is unknown to me, but the obvious purpose is to remove the part that makes the revolver go bang.
The hammer modification may have also been a product or modification invented or offered by Saf-T-Hammer of Scottsdale, AZ. Saf-T-Hammer eventually purchased S&W from Tompkins, PLC. Saf-T-Hammer changed its name to "Smith & Wesson Holding Corporation" after the purchase of S&W.
If memory serves, after Saf-T-Hammer bought S&W, there was one year or maybe two where the S&W catalog showed revolvers and maybe some pistols, as having the Saf-T-Trigger device as an available option. It was rather quickly discontinued and I do not get the sense it was a popular option.
I believe both Shawn McCarver and -db- may be on to something here.
All three modifications I noted earlier are "safety" related.
There's also a 4th modification which I did not mention in my original post.
This gun has had some FINE trigger work done. It is exceptionally smooth but it also has a very light pull and releases earlier than one would expect. Effectively, it is a "hair trigger".
So it actually makes the gun MORE likely to fire.
I can't imagine an individual who would gunsmith a gun to make it such a smooth shooter and then take extraordinary steps to put multiple safety devices on it. I'm wondering if this might have been a factory "test gun".
(Despite the custom work the gun has good timing and lockup. I plan to put a few test loads through it today to verify its fitness for intended use.)