My take. Worth exactly what you paid; and if anything, you are $100 to the good side of the deal.
Because of the lack of "box & doc"; it already is not a true collectible to many, however the "pre", and 5 screw put it right back into the "collectible" arena.... (Not to be confused with; "Not to be shot". )
My point being, although the red insert is not likely factory, it is an attribute to a shooter grade Smith, and does not detract from it at all. It is a great N frame .357, hard as nails, built for a lifetime of use.
Two other mentionables, but not about the gun.
Member "Jack Flash", gave a critique of the revolver, that was exactly the way we should all strive to do. With no overtones of derision, no devalue of a newcomer's opinion. And foremost, DID NOT take away the joy of a new guys obvious prize.
Second. I appreciate the grip / stocks knowledge we all know member "weatherby" has, and has demonstrated; but in this case, he rendered his opinion about the stocks being N frame at 5:44; before O P posted some more and better pics about an hour later.
While I agree the stocks may fall into the 2 1/2 Benjamins category, I do not think the "ears" of the stocks fit up to the frame, like N frame stocks would, and believe they are well made K frame, and, hope weatherby will come back and take a look. (hopefully to tell me I'm WRONG !)