Well the bad news is that the front sight and maybe the barrel have been replaced, that is not an original Krag front sight. Other than that things don't look so bad. The stock doesn't look too badly "sanded" the grasping grooves are a bit rounded but still pronounced. The age and wear of the metal and the wood seem equal. The biggest plus probably is that you have a M1901 carbine rear sight. The serial number is early enough that it probably was issued with a "rifle" type handguard. Originals of either come up from time to time, a humped one just sold on fleabay for $142.A repro should serve your purpose, at least to start with. A little experimentation with stain and oil and furniture wax should make a sufficient match.
Good luck