Are you sure that it's a 3" bbl. Model 29-4, and not a 29-3? I can't claim to be an expert, but I don't recall any Lew Horton models being based on the Model 29-4. S&W made 5,000 Model 29-3 Lew Horton Combat Magnums (3" bbl., RB, contoured wood stocks, etc.) in 1984-85, but that's it. I did a quick check in the SCSW 4th Ed. (including Performance Center models) and couldn't find any other Lew Horton 3" bbl. 29s. S&W did make a 29-4 with full lug 3" bbl. and unfluted cylinder in 1989, but it wasn't listed as a LH. GB has a very nice one of these that they're calling a LH, asking $2800!
Now back to your original question...I would not mess with that revolver if it were mine. Any 3" bbl. Model 29s are relatively rare and desirable. You didn't mention its mechanical condition or what type of stocks, but if it's smooth and tight action that's great. In its present condition, you probably couldn't hurt the finish much more by carrying and shooting it, and it would make a fine defensive revolver for hiking in the woods or carrying in your vehicle. But as others have said, if you decide to buy it then it's your revolver. If it will make you happy to have it refinished, go for it. You also didn't mention the asking price, but "as is" it would be an $1K revolver to me. Asking prices for LH 29-3 revolvers in VG condition on GB are $2500-$3000. Good luck with your decision.