Nice sharp corners and lines (where they still exist) on the OP's pistol.
Nickel plated or not, the gun can be restored.
Plating if there can be easily removed in a couple of ways.
With the amt of pitting on the gun, it'll be gone one way or another anyway.
Stripping it before beginning any work would be done so that the inside surfaces would be void of any nickel as well when you are done.
Most of the pitting can be polished out. Some damage would have tobe filled either by welding (pick your method, pick your welder).
Some areas can be 'fixed' by inlaying steel into steel. But that would be more of a process tat an engraver would do than a 'smith doing polishing work.
Markings would need to be re-cut or re-stamped/re-roll marked.
Orig done, some were simple hand stamps and some were roll markings.
A few of the restoration shops have roll dies to do the work. But they often don't have ALL of the dies to cover every variation of the Model in question. The 1911 and the SAA are a couple popular models to restore. But they went through many changes in just markings.
To be 'restored correctly' the markings have to be period correct.
If the roll marking die isn't the right one or the hand stamp isn't the right one, then either the price to get one made is an option or the other way is to have the markings re-cut by hand by an engraver.
Not every engraver does 'lettering' and fewer still like to do recut and restoration of stamped and roll die lettering.
When done it has to look like it was stamped or roll marked,,that's the hard part!
Polishing..The 1911 style pistol is one of the easier forms to polish when you consider the other shaps of frames and parts of firearms around.
To get it correct for a restoration is another thing,,grit lines going the right direction, the correct gloss, sharp edges, straight lines, flat surfaces,,all those Factory Look things that seem to be missing from most refinishng projects.
Then the correct blue finish.
Early enough for the Charcoal Blue? The very first production were.
Or was it Carbona Blued.
With in thelatter, the polishing style of the time of mfg effects the look of the final finish as well.
So much to it.
You can either have a nice re-blued/refinished pistol.
Or, a finely restored Pistol.
Money and time is the difference.
Final value usually doesn't make sense of the investment for the restoration if it's being done strictly for financial gain.
At a gun show this past weekend, a table holder had on display (again) a Winchester Model92 deluxe, 32-20 w/ orig 30"bbl.
Complete restoration by DTRestoration.
The DTR invoice for the work was $6200 and change
Rifle was priced at $3800 for the last couple shows I've seen it at.
At this show marked down to $3400
No one looking at it.
Great investment