I tried (but mostly failed) to keep one thing in mind while looking at the photos.
This: We don't know how long ago these mods were performed on the gun. I'm guessing here, but I'm thinking that when these guns first began showing up on the market...early 20th Century?...gun folks didn't look at them as collectors items, or even potential collectors items. They were just surplus guns that could be had at a decent price.
And people did lots of stuff to old guns to modify them to suit their own purposes. Seriously, just look at some of the stuff Keith did. And to a greater degree, John Fitzgerald.
I'd prefer the owner hadn't done this to the old gun. I can't totally fault whoever did this, though, simply because I don't know who it was and I don't know why he did it.
I'd be really interested in knowing the story as to why he did it. Gotta be a reason.
I do know one thing, though. If that gun belonged to me, those grips would be consigned to the junk drawer or the garbage can, one of the two.