I would wait until you hear back from S&W. Rockwell testing key components of the frame is actually very simple, non destructive, and about a 5 minute process. Basically, a Rockwell hardness test is simply center punching a dimple in the steel using a VERY precise and calibrated instrument, the hardness is determined by how deep that punch penetrates. I'm in agreement with the others who feel that this gun may quite likely be repairable. Heat treated steels start to temper right about at 800 degrees F and if my guess is correct, the steel in this gun was probably tempered between 1000 and 1100 degrees F. So, it's distinctly possible that it still retains the original factory hardness. BTW, lower tempering temperatures produce a harder and more brittle steel, higher tempering temperatures produce a softer and more ductile steel. I suspect the original temper was in the range of the low to mid 40's on the C scale, thus my suspicion that it was tempered at a higher temperature.
However, if it is repairable, it won't be cheap and I doubt that it will ever be worth the cost of having it restored. My guess would be in excess of 500 dollars. Good news is that if S&W green lights the gun, and you have them restore it, it will come back looking nearly like a brand spanking new gun with some rounding off of the roll stamps being the only tipoff that it's been refinished. If I were in your place and it was my Father's or Uncle's gun, I would go ahead and do it. The only problem is that it's old enough that they may not have the parts to repair it. Big problem would be if the barrel or cylinder is badly pitted from corrsion, because it would be a real fluke if they have any of those in the warehouse. So, keep your fingers crossed for now, it may help.