Hobie, I thought you were lucky to find such a nice Flues until I saw the last photos of the pitting on the right side. What a shame. I don't know if that can be restored, but sometimes it looks worse than it is.
One thing I'd be concerned about is the wall thickness in the chamber area. You said it has 2-3/4" chambers and a 1921 Flues would commonly, but not always, have a 2-1/2" chamber so it's likely that some metal was taken off the inside already. Add that to what would need to be removed when striking the barrels for reblue and it could get a bit thin.
It was hand engraved, BTW.
If it has sentimental value hang it on the wall with the bad side hidden.
Whatever you decide, good luck with it. If you decide to sell it for parts, I need a cocking slide!
Rob
