so I have some extra cash...

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Ended up getting the Colt! It is very rough, but at $450 OTD I figure I'll save up and have it professionally restored (as best it can be, of course...)

I just reread your post, Good for you! Colts are nice firearms.
If it were me I would do a total strip and cleaning of the firearm and install something like a 19# spring in the slide and check everything for function twice....
When was your Colt made?
If before I believe 1924 only the front of the slide was hardened and I would not shoot anything even remotely hot, If newer that 1924 there really should be no issues.
Dont worry about finish, If you are going to carry it, SHoot it and let friends shoot it, It would be better to leave it as it is,,,, Nothing like letting someone shoot your firearm and they scratch it, I have a couple of really ugly 1911s and they are for shooting and beating on or using as a hammer.
I will try and dig up a pic real quick....
This one was so rusty the slide broke while cleaning he rust off of it.
It's mostly from 1915
Slide, Barrel and springs are newer.
Otherwise a very reliable shooter

[FLICK]

^^^^Absolutely gorgeous!!!!!!