I'd make a peep sight for the rear bridge, and then shape it to complement that sight. That way, you'd have a good sight to complement that integral front sight ramp. Fixing the dogleg bolt is a real plus for the looks. I prefer to remove the safety, and use a model 70 type bolt safety. That also helps the looks. Ed Lapour has them, I believe. I just got some parts from him a few weeks ago for one I'm working on that had been overground by the previous owner working on it. Then, I'd cut back the left side for the Lapour bolt shroud, and shorten the ejector to match. Bending and shaping the rear tang can make the stock look more attractive.
On an ERA, it's probably fine in .30-40 as is, without heat treating. If I was to rebarrel it to a big magnum, I'd send it off to the outfit in Washington that re-heat treats these. I have their address somewhere.
dave