I have one of these, same era. Here's the scoop:
The gun's design is a good one, and in a lot of ways similar to a Ruger:
* No side-plate, as the action "forks up" into the back of the primary frame, and the grip frame is separate.
* It locks up at both the crane and rear of the cylinder.
* The transfer bar safety is very "Rugerish".
The primary frame is steel, the grip frame is aluminum. The barrel core is steel with an aluminum wrapping.
They made only one questionable decision: they set the gun up for "tight lockup" similar to most Colt DAs. When you run "The Checkout" (see sticky this forum) the cylinder is supposed to feel "welded to the frame" at full lockup, trigger back. You MUST then check cylinder alignment with the flashlight trick on the unloaded gun. If the alignment is perfect and the lockup is tight, the gun will shoot REAL well unless that ever gets "off" later.
If the cylinder-to-barrel alignment is off and the gun has a tight lockup (zero rotational play), things will go to hell real fast. DO NOT SHOOT IT IN THIS CONDITION. Get it fixed.
Rugers and S&Ws are set up for a bit of deliberate "rotational slop" so that the gun can do it's final cylinder-to-barrel alignment via the bullet. This system doesn't have the peak accuracy the Colt/Charter system has, but it's far more tolerant of wear.
And this is also why we say "no hot loads in a Charter Undercover". Unlike it's 44cal cousin the Bulldog, the Undercover isn't weak - but it isn't tolerant of wear either.
There's good news on the ammo front though.
First, not everything "+P" is all that nasty. Avoid Cor-Bon and Buffalo Bore +P at all cost. The mildest +P you can get, and it's damned effective defense ammo too, is the Remington 158gr plain lead hollowpoint +P. Winchester sells the same load, same shape, same performance but the lead is harder and expansion is unlikely from a snub. Stick with the Remingtons, and do almost all of your practice with standard-pressure stuff.
Buffalo Bore recently came out with a line of standard pressure (not +P) defensive ammo that's as effective as most other company's +P. Very good but a bit expensive. Still might be worth considering a couple of boxes, esp. their 158 which will perform like the Remmie 158s.
http://www.buffalobore.com/ammunition/default.htm#standard38