Clean it up and sand the heck out of the pitted areas and apply cold blue such as Brownells oxpho blue and you will have a cheap perfect function 17. If that is something that would be satisfactory to you, if you are looking for something to refinish it would be as others have pointed out not a good idea. I did what I described with a regulation police 32 in brand new mechanical condition that had pitting like you described on one side probably not as bad and it turned out to be a nice shooter that I could have in no way been able to afford if it did not have the damage on one side.