MKII,

There are enough sporterized Krag rifles around for a few hundered dollars that will provide a usable receiver and other spare parts. I have put plenty of Krag and other military rifles back to shooting and collectible condition, but I would not spend the time and effort trying to reclaim a de-milled drilled receiver. Let alone take the risk involved in trying to re-heat treat a rifle receiver that could fail next to my face when I pull the trigger. Just not worth it!

Salvage what you can and dispose of the un-salvageable receiver. You should also inspect the bolt face and the condition of the striker or firing pin. The bolt face may be welded closed and or the striker ground short or cut off.

Jeff The Caterpillar Man