I am doing the same thing right now with a H&R 88 12 gauge. The wood stock had Devils with swastikas carved into both sides. Anyway wood filler and rasp then a coat of stonechip paint. Cut off about 7" of barrel and wired wheel the rust off. The barrel has been painted with wood stove black paint. I will post a picture in a couple of days.
Done the same thing many times, too.
I can't count how many Winchester 37's (and 37a's), Toppers, Crescents, I.J.'s, Belgians etc that I've cleaned up and resold over the years. Some, I 've gotten as low as $20....others, I've built from my parts box when it gets too full. They're so cheap because most folks won't spend their valuable time to polish a $40 gun nor spend $50 on a wood stock that's more expensive than the gun.
I can buy a single shot for less than $40 in most cases, gunbroker rules!, derust and refinish the receiver, fix all the mechanics, fix or replace any wood probs, paint and Duracoat it all etc, slice the barrel down to 20" and install a new bead and AccuChoke tube and sell it for $140. Makes the *perfect*, designed for the job turkey gun, they make great home defense guns for the ladies, young starters love them, and those are the perfect survival/camp guns. I've done five in a day before and never had a problem selling them.
Do with your guns what you want, bud! Looks pretty damned good to me! As to the naysayers, well, you *did* ask....but in my opinion, the other guy's opinion turns to bull**** the second he walks by without buying the gun himself. If someone else wants to clean the wood and restore a $30 wreck into some sort of $60 masterpiece, more power to them....but the second *you* pay the gold for it, it becomes *yours* and your opinion is the only one that matters.
That said, if I were you, the next thing I'd do would be to trim the barrel at least three to five inches and reinstall a front bead....and, if you plan to hunt with it, tap it for a choke tube. Those old guns have overly long barrels that ended in some awfully thin muzzle walls. The longer the barrel, the thinner the muzzle. Steel also work-hardens....which means that old steel can be *very* brittle. Those tend to split after a few hundred modern loads. They rupture in a straight line right to the bead and an inch beyond. The tighter the original choke, the more chance you have of a rupture. If you slice it back about three to five inches, you get it back to good, soft steel that has a good thickness.
Again, good work!
richard