No, the pitting was ugly, but not as deep as the threaded holes you find for sights in some factory rifle barrels. It was under the wood anyway, and wasn't hurting anything.
What put me off was the accuracy, or rather lack thereof. It also had the closest sight setting of 400m, and when you combine the two you get an ~8 inch group, a foot and a half above point of aim at 100 yards, I just had no interest in shooting it.
I was considering getting these and trying to do something with it,
http://www.gunpartscorp.com/catalog/...200&catid=6962
http://www.gunpartscorp.com/catalog/...300&catid=6961
But decided it was throwing good money after bad. I ended up losing about $50 on the deal, but I am OK with it.