Hobie:

It depends. What's wrong with it?

If it's cosmetic wear and the mechanics are OK, restoration might be worthwhile. However, if the internals are worn to the point that the timing is bad, finding parts and someone who knows how to fix it will be a problem.

I picked up a cheap "project gun" in the form of a Police Positive Special .38 a while back. After tinkering with it a while I came to the conclusion that rebuilding one of the old Colt actions was beyond my ability. Fortunately, I was acquainted with one of those old-time gunsmiths that seem to be a vanishing breed these days. Many months and several dollars later, I have a fully restored and beautifully functioning PPS, rebuilt by Ben Schade. It was a labor of love for him and one of the last guns he rebuilt before retiring. It is a treasure to me, but certainly not worth the time and money we put into it.

Anyway, that was my experience for what it's worth. Good luck with your old Colt.

Catoosa