Do you want to restore it or hunt with it? If you want to hunt with it, forget "restoration." That way you won't worry if it gets banged up in the field.
There are drawbacks to the old Smellie, but it is a rugged rifle and good for about anything you might encounter, at least in North America.
Now, with that being said, beware of the "milsurp trap." This is where one buys a cheap military surplus rifle and decides to "sporterize" it. After the new stock, bolt job, safety, reblue, drill and tap, etc., etc., one has more money in the old warrior than a new sporter would cost. And the gun is still worth little more than it was originally, and maybe a lot less.
(From Keenan's dictionary: Sporterizing - Converting a $1200 rifle to a $250 rifle and spending $800 to do so.)