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Those Colts are a lot rarer than a 92 Winchester. And a lot more fragile. If the gun is safe to fire, you could take a chance on shooting it once in a while. Black powder loads would be better, but messy, and reasonable .38-40 smokeless loads should be OK. (The fragility is not in the barrel or locking system, it is in the loading system and the springs.)
As for any "restoration" attempt, forget it. As noted, the value will go straight down unless you obtain the services of a professional restoration service, and that would be expensive.
Jim
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