Cold blue is cheap and easy, and it will undoubtedly look better than the mostly bare metal it's showing now.
i don't have it stripped yet, but I would completely disassemble it and only tumble the parts that are visible. No need to do the sear, springs, etc. I would just use the same walnut media that I use for brass, but I would use a fresh clean batch and charge it with the stuff Lyman sells to rejuvenate tired media.
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