No , I don't nesacarrily go for the " neglected outside = neglected inside " . Actual duty gunsoften get carried much , shot rarely. I have seen and test fired plent of S&W's that looked way worse , and were very smooth , and shot tight groups.
Being that you are asking in an environment heavily populated by S&W collectors , you will get opinions weighted to origionality. That said , here are some observations :
1. Shoot as-is , with only basic clean up. Not so much for collectability per se , but thriftiness. It will shoot fine , and honest wear give character.
2. *For me* , the next closely aligned step is basic clean up , combined with a little cold blue. Makes a big visual difference , none of origional finish removed. If you daily carry , it will need touching up on holster wear areas every cpl months , but you've already got the left over T-4, no big deal.
3. The fact that you have the capability to blue yourself changes the calculations. Normally , I feel for a working gun , no point to reblue per se. If I'm offended enough by the existing finish , or feel the need to change, once I sacrifice the origional finish , I'd replace with somthing better. Better as more durable or more rust resistance , or both. Other than the asectics and the origionality , blueing is a pretty poor firearm finish. There are various high tech spray on and plated finishes ( that sound in the background is the SWCA blowing their collective tops ). Personal preferences and essectics come into play. From a value perspective , Electroless Nickle will fill in minor pitting better than hard chrome. Mahovsky's E-Nickle for about $175 is a top value. Of course you have to be ok with a silver clorored pistol. The majority of revolvers mfg in recent decades have been stainless steel , and I personally like the looks of old school nickle plating , but that's me.