The colt design is just FINE once properly tuned up. Your gun is a common one though and not particularly valuable in terms of dollars. It might indeed cost more to restore than it's value. Whether or not you choose to do so just depends on it's value to YOU. The design does NOT require constant maintenance as you may have been led to believe. I own a colt more than one hundred years old that is still working fine, though out of respect for it's age I don't shoot it too much. The myth of Colts being fragile just won't seem to go away.
Mark Lane to William Buckley: "Have you ever referred to Jessee Jackson as an ignoramus?"
Buckley: "If I didn't, I should have"