It would be fine as is, but if you didn't want to carry around something with various scratching on it, I would go ahead with whatever plan you had in mind. Although I'd make sure that it wasn't some 1 in a million gun, that would be my luck.
I had a couple of them and never fired them as I got them that way. A Model 27 and 25 LC. I traded them off for guns I use and my dealer sold them to some collectors for big dollars later. I made money off them and didn't care about his profit either.
I won't buy another for sure as want to shoot my guns even if gently and put back in the safe slightly used but that's just me.
Shoot it yes, but why refinish it? I had an IPSC Commenorative Colt. I put in a Kart match barrel and shot and enjoyed it. I ended up trading it for something else but never regretted shooting and using the gun. The gun was a beauty and I now wish I'd kept it, whether or not it had any collector value.
Normally I would say don't pay a collector price for a shooter. However, you stated that in your state guns are hard to come by due to legal restrictions so it may be worth buying to shoot. The cost of a refinish is not cheap so if you can live with the looks just shoot it. Commemorative guns once shot often fall to a value below that of an equal condition stock guns. For example, a customer looking for a Winchester 94 to use as a brush gun often wants a plain gun as compared to a gold plated shiny commenorative so the fired fancy gun is a harder sell.
I shoot 'em. Sometimes the 'commemorative' status goads me into doing a little research and learning about why that event was worthy of such an issue. Mostly IMHO it relates more to marketing than historic values. Still, someone buys them. Some get shot, some get tucked away.
Eventually all my guns get promoted into the 'living ballistic memorial' category and has a specific custom load developed for it if necessary.
That's as much memorial as I generally can tolerate.