KosmicKrunch, please explain this a bit more, "I agree with emc45, you can give it a nice plum brown look and antique that look a lil with a light aluminum shot bead (damn near powder or just above it) to soften the new browning look and to get it into the pits a lil."
I'm thinking this would be the route to go... let the gun be what it is but protect and dress it up. It's like being naked now. The worst of the deep pits is on the top of the breech bolt. I considered replacing it's sold out at Numrich. The rest may be manageable. I'll look around.
I've ordered an electrolytic bore cleaner (something I've wanted anyway). I'll delead the barrel to see what it's condition is, check out the internals and function, replace the FP stop screw, and bring it to a gunsmith for his evaluation.
I know I may be throwing my money away, but I look at it like refurbishing a classic car. It can't ever bring the $2000 or $3000 of a nice collectible, but it will have some added value, maybe even more than the $225 I paid for it. After all, a 1906 in poor condition is worth that, and poor includes guns rusted, pitted. with little or no finish, and which may not be functional or are unsafe to shoot. If it turns out halfway decent surely it would be worth at least $500. But much more, it'll be special to me.