Don't refinish it. That is the best looking 54 I have seen in a long time. Refinish will cut value by at least 50%. Check grading section of Bluebook of Gun Values. Leave the sling studs alone also for the same reason. As I recall there was another piece that attaches the sling to the studs. Check Rodger Rule's book, The Rifleman's Rifle. There is a section there on 54's. You have a very nice rifle there, as it is.