Found a 1851 for rebuild

[Bob Hatfield]

A friend of mine has a fellow that has a Colt 51 Navy for sale. The serial number is in the 98,000 range which if our research is correct made sometime around 1861 or 1862. The gun is rusty but it seems like mostly surface rust with little pitting. The cylinder scene is faint but the address on the bbl is strong. The numbers all match and the grip has a large chunk missing. The lock work needs attention and the bbl/cyl gap is excessive for some reason and we haven't looked at the rifling yet. The weapon is complete and looks like a good candidate to rebuild into a shooter. We want to make a fair offer and not insult the guy. He is not a percussion revolver type of guy. Two questions


Any idea what it would be worth as a project gun or should a guy buy it and leave it as is for a future investment?
What brand of Italian internal parts can be fitted to work if we decide to make a shooter?


Thanks

Bob