Good descriptions of the old S&W commercial blue. But like Old Fuff says, most of the S&W 1917's were not blued like that. They have a dull finish, almost black. They are NOT Parkerized, but were simply blued without being polished, leaving a flat looking but very serviceable dark blue finish.
The grips also were just the normal S&W grips, used as they came from the shaper before any checkering was applied or the cut made for the medallion. (The same was done in WWII with the "Victory Model" grips; for some reason, in both cases, some folks think the checkering was "removed"; it was never there.)
Jim