That looks like it's in great condition. Welcome to the wheel guns. You bought a classic that you will absolutely love. My first revolver was a 586 8 3/8. I still have it and won't part with it. I can hit a 10-inch plate at 100 yards with it regularly. I am sure you are aware of the no dash recall on the hammer nose bushing. I think it may have affected the -1s as well. If the recall work was done, they put an M stamp inside the yoke. If there is no M it was not returned to the factory. The issue was caused by lightweight bullets pushed at high velocities. There is plenty of info on the recall out there. If you are not experiencing any lockup issues I would leave it as is.
Enjoy!