Some of the guys on this forum have resurrected some real basket cases. I think your revolver has excellent rehab potential. With regard to the bore, I can tell you my brother has a couple of unmentionable rifles that he acquired with pitted bores. He does some unbelievable shooting with those same rifles at 100 - 200 yards. Way out of my league.
One thing I would recommend inspecting very carefully would be the insides of the chambers, and specifically the web between chambers. If the barrel was badly pitted, this suggests the chambers may have some corrosion as well. Elmer Keith pointed out in his book, Sixguns, that he had seen some old percussion revolvers actually or almost rusted through, between chambers. He suggested this was one cause of chain fires in shooting older guns that had not been well maintained.
I would think a good visual inspection of each chamber with strong light should tell you what you need to know. I'm willing to bet that revolver will clean up and shoot just fine. It may have some "character," but to me, that just adds to the appeal.
Best regards,
Notchy Bob
