DEKE - Your pic of the front sight is too out of focus for me to see clearly & answer your question. Your 2nd pic is focused perfectly, but it doesn't show the front sight under discussion.
Ron - Welcome to the forum! Even though it was made in 1906, it sounds like you have a shooter-grade Model 94 there, which wouldn't change much, no matter what you do to it, so restore it or not, & enjoy it.
It'll definitely be worth more, than if it got reblued. (pics might help)
I'm a little curious, though, as to why it needs a barrel, in order to be fired.