A bit longer answer.  Regards rifles, and skipping oddities, there are three models of Krag rifles.  Models, and rough numbers made, are as follows:
1892.  24,000
1896.  70,000
1898.  400,000.

As can be seen the 1892s are the least made.  Compounding their smaller numbers is the fact that over 20,000 were altered to 1896 format.  The rifles which missed that alteration are somewhat scarce.  That is what you have.

So, to the good, it's an unaltered 1892.
To the bad, it's been modified.
To the good, it can be restored.
To the bad, it's in weak shape.

Roller coaster ride isn't it?  Think "1966 Ford Mustang Shelby which somebody added wheel flairs and a sunroof too."  The basic rifle remains but it has some issues.

The gun is restorable.  Given the scarcity of that model many collectors would love to have it to restore.  Lots of Krag collectors will never get the chance to own an unaltered 1892 so the chance to restore one is appealing.

Yet you mention "sand paper" and other really awful items in regards that gun.  No attempt to "clean it up" will do it any good at all.  Modern restorations, in all things to include guns and cars, is "minimal restoration."  The days when the items were ripped down to the basics and put back together (over restored) are over.

So I can appreciate the family connection to the gun and it's a good thing.  Keep the gun.  I can also understand wanting to hunt with it.  So do so.  What gets my hair to stand up is the desire to "clean it up."  Ask a coin dealer if you should polish a coin and you'll get the same reaction: DEAR LORD NO!

Make sense?

You have a treasure twice over.  An unaltered 1892 and a family gun.  Keep it.  Appreciate it.  Don't muck with it.