As everyone seems to be pointing out, it's not much of a self defense weapon, (but if you got the BG arms length away, point it at his forehead and squeeze the trigger, he's probably going to drop like a rock).
Either way, I'd consider collector's value, if it isn't too beat up. I'm sure there'll be a whole bunch of folks that will argue it, but... There is a point in a gun's life where beat up exceeds the loss of value found in refinishing the gun. It then becomes a matter of personal satisfaction.
Pictures here might help you get another 47 opinions, or you can make a trip to your local "trustworthy" gunsmith and ask him for his "honest opinion", as to whether it should be re-blued. Better yet, try and find a local collector, and ask his opinion. Determine what it's worth in present condition, and what it's worth reblued, and ask yourself if it's wise to do it. If you aren't going to further destroy value of the gun, if it's reblued, then why not. If it's going to destroy value of the gun, I'd say no, keep it like it is.