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If the gun in question is a true collectible, any repair necessary to keep it functioning will not hurt the value, as long as it is a high-quality job. Refinishing of the stock and/or forearm is generally a "don't do that", although a cleaning and re-oiling will not hurt the value.

Rebluing, buffing, polishing, etc. of a true collectible is an absolute crime against humanity. Any action that can be taken to stop any further deterioration is all that should be done.

That said, if there is no intent to sell the gun, and you would like to hunt with it and pass it down to future generations, rebluing will help preserve the gun.
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