Why on Earth would someone de-spur a full size revolver like that?!?!?
I would finish off that ugly cut on the hammer, file off the sear and make it a true DAO and use it as an under the seat gun, or like was said, a woods carry gun you never have to worry about.
I have a soft spot for ugly, abused S&W's. I leave them as is, just fix them up mechanically and use them as plinkers or carry guns. I always say, you can't have too many cheap, ugly S&W's to use for those times when the pretty ones don't need to come out. I don't want one of my minty S&W's rattling around in my glovebox during a long car trip.
One of my 6" 10-5's was covered in surface rust, and looks like the past owner pried the sideplate off 1,000 times and left no part of the internals uncut or unfiled. I got it for $200 or so, and fixed it up and it's one of my best shooters. If I put a little ding or nick in it it doesn't matter, there's already plenty of cosmetic damage.