That is just begging to be sent to Doug Turnbull and his crew for a true restoration.
If Colt is required though, simply nothing else will do.
It would destroy its value and character. Some things need to be left the way they are. If I want to shoot one like it, I'll shoot the Cimarron.
If a person wants to restore one, there are plenty of mismatched guns with cut barrels and the like. Restoration of those can only help their value.
If I wanted a challenge...here is a cut gun. It's an original Smith and Wesson Model #3 single action in 44 Rimfire. That would be a good restoration.