I would expect it to be safe to shoot, but it would suffer accelerated wear. The S&Ws were a cut above the competition in fitting and materials, but you are still talking about steel that is 111 years old.
I am not a gunsmith, so take this with a grain of salt, but I have read on multiple occasions that the lockwork on these was quite intricate and it is hard to find a gunsmith who can or is willing to work on them.
In 2006 the Standard catalog of S&W gave a value of $235 in very good condition, $75 in poor condition, so allowing for inflation $99 seems right.
Personally I would hold out for a gun is very good condition or better, as you may end up spending more than the gun cost to get it working.
If shooting one of these does interest you, shop around for a .32 Safety Hammerless 3rd Model. These are basic
ally the same gun, but manufacture from 1909 to 1937 in the serial range 170000 to 242981. Manufactured after the widespread uptake of smokeless powder, hopefully the steel is of better quality than on the earlier guns.