I've done what you describe. I was trying to find my old post on it, as I went into it in great detail, why I did it and how I did it, but I couldn't turn it up. (I think it was about August 2005, but I can't find it.)
Here's the before picture:
And here's an after:
The guy who did the work is Gene Williams. He's been focusing on rifles recently, and also builds 1911s, but when he sets his mind to a restoration he's pretty good.
I had a lot of fun with the restoration, and learned a lot in the process. It provided me with entertainment for months, and now I have a good lookin' TL shooter. Mine is SN 590, if I recall correctly, and originally shipped in March of 1905.
It makes no financial sense at all, as everyone is telling you, and collectors abhor a refinish, especially a non-factory refinish. But we all spend our money for different reasons, and if in this case you do not spend it as an investment or as a means of impressing others, but simply because it would please you to do so, have at it!
Leaving value aside, as refinished guns are valued at less than a poor condition original finish, and considering only good looks, to buy a TL with an original finish in truly excellent condition would cost much more than a restoration. And then you couldn't shoot it, or at least most people would not want to shoot it and lower its value. So a restored gun would be good lookin' and shootable, as it were.
In my own case, for the pleasure it gave me in process, for what I learned along the way, and the people I met, I am glad that I did it. It was a very worthwhile experience.
Yours must be a 5" tho in the pic it looks shorter than mine, which is also a 5". I was thinking maybe it is a 4 ½" but I can't find that length listed in SCSW. Or is yours the elusive 4"?