Is that 150810? It is very hard to tell what the first two number are. If so, it would have shipped around 1906 and is a modern firearm by BATF definition. It has after-market pearl stocks and this was commonly done by distributors to help sell more guns. Factory stocks had a gold S&W medallion at the top to distinguish from the non-factory MOPs out there.
I can tell you that that condition is in the top 15% for original nickel 32 Safeties left in existence and is worth maybe $275 as is. As Ed implies but is too kind to state, your buddy is wasting his money. You start out with a gun of low value, find a refinisher that will not destroy the gun on a buffing wheel which is not that easy. Put down $250 to $350 for a quality refinish and end up with a gun worth $250. Make any sense?? Besides, that wear was added by his ancestors and refinishing will destroy all evidence of who held and used the gun over the last 110 years. Wear on a family heirloom is a badge, not a blemish.
A pristine example of this model would sell for under $400, so it is better to buy one in fine condition if wanted and keep the heirloom as is. The pictures below show three of these I purchased within the last 18 months for around $300 each at online auction houses and they still come up for sale in this condition.
As you know, you eliminate almost all collector interest and end up with a fancy looking little shooter that looks nothing like what your ancestors would recognize. This revolver was nothing more than a tool to his grandfathers, so you might recommend the owner use some Mother's Mag Polish and a soft rag to polish out the rust spots and shine up the nickel. It will be surprising how much better the gun will look with a little elbow grease.
