As a small time S&W collector; as long as the gun is not badly rusted I would not do anything to it just keep it clean and lightly oiled. Thin or aging blueing is not necessaryly a bad attribute, after all it's an old gun. As far as the timing problem / retarded carry up, S&W may not have parts and at it's age may not want to work on it. The problem is most likely a worn hand and a good gunsmith can repair or if the part is available repalce it or even make a hand. The star or rachet that is on the rear face of the cylinder could be the problem. That would be a hard part to find, but even some modifications can be effected to it. If it were mine and the repairs could be performed without much fanfare, I would do so. Occasionaly fire it if I wished, but basicly retire it as an example of fine craftsmanship that is remains in working order. After all there are other guns that can be used for harder use. I wouldn't refinish it. Find you a good first rate, qualified smith and let him look at it and make recommendations as to feasibility for repairs. Just my two cents.