My Dad left me his 1950's model Colt Huntsman. He introduced me and my sons to shooting with that 22. Before he gave it to me, he had it refinished. I am proud to have it, but I wish he had left it alone. That finish wear was evidence of his life and times--my time with him--and his grandsons.
Fix the sling stud. Replace the recoil pad if you must. If the bolt is starting to rust--polish it. Don't make it something it is not. It is a 50 year old hunting rife from you Dad. You can't improve on that.