Hypothetical question:
The other gun is nearly new looking, clearly not hunted or shot much if at all, nearly 100% factory finishes, engraving sharp as the
Both are the same price. You can't afford both. You'll likely never see another example.
Which do you buy?
Chuck,
Neither.
Everybody has a different set of standards. Personally I have never bought an old gun, rifle or shotgun or pistol that has been modified by anybody, including re-stocks, barrel work, recoil pads, wood extensions, extra holes drilled, cut barrels and so forth. Since I am a hunter and not a collector, a refinish on wood or metal doesn't bother me unless poorly done, and that's a personal judgement call as I reblue and re-case many of them myself........
In almost every case a factory worksheet, where available, before purchase will indicate what a particular gun left the factory with, i.e. barrel length, choke boring, Length of Pull and so forth.....
Where I hunt I have no use for anything but Full and Modified chokes, open choke borings are a handicap.
As an example, so many times it is noted in ads, stating "factory period pad", when in most cases the factories NEVER installed pads but left that option up to dealers and hardware store smiths on pre WWII guns.
Here are
JUST A FEW examples of "owner" modification turn offs for me, again this is JMO........
CUT BARRELS,

TORCH COLORS,

NON FACTORY WOOD AND NON FACTORY WOOD PROFILE, FIELD GRADE GUN WITH GAUDY WOOD,

SAW AND PATCH,

RUBBER COUNTER WEIGHTS,

AND OF COURSE ANY "GRINDING" INSIDE THE BARRELS AT EITHER END IS A "NO SALE" IN MY BOOK,

Just my opinion, others will vary......