Sixgun,
That is indeed a special virtual Kit Gun! Very desirable in my opinion as well and to think, you were the only bidder and won it at that price. I too agree it was a factory re-work/refinish from the late '40s early '50s. Besides the early post war 'Service' (round top) stocks, the satin blue finish dates it to that time period. The factory clearly used a 1930s old stock Kit Gun barrel and 'barrel' style extractor knob.
As David wrote, it started life as a 22/32 Heavy Frame Target and the serial # dates it to ~1926. It must have come originally with the two screw extension target stocks because the backstrap is not rebated for the Regulation Police sq butt style stocks which were used as the standard stocks for approximately the 1st half of the 1920s.
I can only speculate that the round butt stocks of the time of the rework were substituted because the original stocks were too worn to be reused on a nicely refinished gun or the owner specifically wanted that Kit Gun option. And the factory followed protocol for round butt stocks by removing the serial # from the front grip strap and re-stamped it on the butt.
I acquired this HFT for my son of that era #441725 for $750 (also w/non-rebated grip frame) that was factory refinished and dated 1953 with the same satin blue but only one custom feature of the period as shown:
This one #483827 was a $225 HFT with a bulged barrel that we transplanted a used original 4" Kit Gun barrel to and retained the mushroom knob by modifying the barrel notch. It also came with original target stocks and non-rebated round butt grip frame (shown with the Roper stocks from the above gun):
I also like these interesting, less expensive and very shootable variations. I would gladly pay the price for your factory re-worked gun than an original HFT.
P.S. I noticed a rub mark on the rear of the barrel notch in the auction photos where there's a slight interference fit with the extractor knob.