I would have to say that the rifle probably had a front sight silver soldered on at some time and am asuming the flat spot you are referring to is a dovetail cut into the barrel for the original rear sight which is now missing. Makes me wonder if it has been reblued since removing the front site leaves a bare spot. Doubt if the recoil pad is original on a 270. A 98% original would fetch around $1500, but if it isn't original that figure would be cut in half.
dan