Ya, it wasn't pretty, but it has been that way and has been functional since the 60's.  I agree, fixing it now will probably only make it better.  There is probably little collector value, it is more just a family sentimental value.  Plus it is a great hunting rifle in my opinion. 

The barrel is fully bedded.  Not sure if the concept of a floating barrel was really around back in the 40's or 50's when it was sporterized, but even if it was, I doubt many took the time to do it that way.  I could be wrong. 

You'll see a band going over the barrel about mid way down.  That is the one modification that was made to the gun in the last 50 years that it has been in my family.  My dad added that because he was worried that too much wood was removed from the stock, and that it might break, especially when using the sling.   He put the band there to help ensure the stock wouldn't crack, which it hasn't in all these years.