Well I cleaned the gun up and got it a new storage case as I felt like I was doing the gun a disservice by just caring it around bare (just waiting to drop it). I also oiled every part of the gun with clenzoil which seemed to be a great cleaner/oil which I would assume is very comparable to Breakfree. Posted some new pics after cleaning.
http://s1224.photobucket.com/albums/ee374/wildcamaro/
Also I took it to get appraised by a local gun shop/ "colt" guy...he said it was worth about $110" retail, which I assume to be a little light based on his place of business...bottom line I'm def going to hold on to this piece.
It was all worth when the very second I walked in the shop an older gentleman (who i learned later was a big colt collector) leaving the shop stopped me in the doorway and asked what I had...I said "a 51 colt navy" and he replied "what is it? A reproduction?" which I politely countered with "no, it's the real deal." ...I don't think I've ever been so proud of something in my life...thanks again for all the info/help/direction...hopefully I will be passing down to a future son of my own...