Ringo,
I suspect there were far more folks carrying revolvers of this sort of configuration in years gone by than any of us remember or know. I've been looking at guns and reading about them for a whole lot of years, and lot of those guys whose lives depended on those guns were willing to fix 'em up so they worked the way they needed them to work. Belly guns were a bigger deal at one time than they are now. I've seen a few single actions that were made into some interesting pieces of gear! Easy to carry and hide, easy to use at arms length, and mostly all pretty big in the bore!. I wouldn't cut up a fine example of any gun, but I have been known to experiment with one that somebody else had already "ruined". This one came to you in a condition that left the door wide open for "refinement", and as far as I'm concerned it's pretty fine!!! I have no doubt that it will completely fill it's intended purpose, plus it will always be a great conversation piece! And as long as you have that jewel somewhere around your belly, I doubt very much if anybody will be taking away your Smith card!!!!!