Welcome to : Here , revolvers, and Smith&Wessons.
You just experienced a teaching moment in why everyone said to go slowly and gently in removing light rust.
For collecting purposes , a careful refinish of origional grips is called for. For shooting purposes you want stocks/ grips that fit YOUR hand , of material and construction pleasing to you. We're not you , so we can't give you a standard answer.
Since you mentioned this is your first handgun, you should seek instruction in basic marksmanship and safe handling. If you don't have a suitable knowledegable person in your family or close aquaintence , find a nearby NRA certified Instructor.