Sure you can resole the frizzen, rebuild the lock from basically scratch and come out spending more on lock work than a new gun. While you're at it you might as well cut and fab a new tumbler, rethread the screws (may be sae but diameters vary in india), of course that necessities a new lock plate or welding up the old holes and retapping. Naturally the springs are questionable steel so they need to be remade. You can see quickly the difference between making work and getting into a full rebuild. Make it work, enjoy it.
Compound on frizzens is a tried and true method. You may need to do it "often" if you consider often to be 5-10 years and thousands of shots. A few min to dress and reharden a frizzen to me is nothing more than an inconvience.