MT: Couple of things: First, since you got all the paint off (that is a cool old gun, by the way) make sure you keep it oiled and wiped off! Being "in the white", so to speak, it will get some surface rust from being touched with a sweaty hand, or sometimes even just lying around, and you will have to remove that rust again. I would suggest(A) get the factory letter! Send $30.00 and a complete description with serial # and/or photos of the gun to Roy Jinks, Historian, Smith & Wesson, P.O. Box 2208, Springfield, MA 01102. This will tell you what the original finish was (blue or nickel). Then (B) I would have a good restorer (see links in this forum) refinish the gun. (C)If you don't want to go to that expense, you could simply 'cold-blue'(a chemical oxidation process) the gun as a last resort. I've found Brownell's is good stuff; follow the directions and it should turn out good enough to protect the metal from incidental handling and the like.
I love these old guns, particularly with the family connection. Nice piece of family history!
On another note, blood will not only take off the blue, but it will severely pit metal if not removed quickly. My brother committed suicide twenty-some years ago with an heirloom Colt, and was not found for some time (2 weeks); the blood on the Colt pitted the finish severely...well beyond the point where even heavy buffing would touch it. Just for info.
MikeyL