I have no reservations from a safety standpoint
This was a well designed firearm, without an undue number of small, delicate parts. In using an old firearm, we must remember that early 20th century heat treat methods were not as well controlled as today, and there is always the possibility of cracking or crystalization. Before relying on a very early Pocket Model, it should be detail stripped, carefully inspected under magnification, and throughly test fired. The absence of a firing pin lock is a non-issue in my mind. This pin is slender and lightweight, compared to that of the 1911 pistol. With the hammer being completely enclosed, I doubt the firing pin has ever been a factor in an accidental discharge.
As stated, the Colt .32 and .380 "hammerless" pistols are just beautiful for concealed carry. In their heyday, men's clothing was cut with much deeper pockets and the size and weight of these little pistols were no real burden. They are amazingly sleek and modern-looking, even today. The thumb safety doesn't protrude even a quarter-inch, and the total lack of other projections, levers, latches, buttons, and switches makes this a true pocket pistol. Some old gunwriter mentioned that most other types were "about as easy to draw as a pocketful of fish hooks."
My only current example, made in 1916, lives in my computer desk. I have other handguns that would do as well or better for the purpose, but this is a good way to keep the old piece in limited service. Even with the tiny sights, it is amazingly accurate out to 70 yards with 95 gr. FMJ or Federal JHP ammo. Occasionally, on days when I knew I would be staying in the office, I would carry it in a 1920s-era holster, and it made a good conversation piece. (I always had an "agency qualified" piece in my desk, just in case someone got picky. . . .
)
EddieCoyle, I have also thought about an updated version. Imagine a locked breech 9x19, about an inch shorter, with an aluminum alloy or even a polymer frame. I would install slightly higher, flat top sights, and keep the single action, slender profile, with heel mag catch and grip safety. It should weigh about one pound, heavy enough to handle the cartridge, large enough to shoot comfortably, and small enough to conceal nicely. I can't imagine any firearms company producing such a simple, serious defensive arm, with a manual safety and requiring a certain amount of practice.
Best,
Johnny