Suggest you clean it thoroughly, and examine the bore.  If the lands are still good and pitting is mostly in the grooves you may be surprised at how accurate it still is.  My 1894 sporter is heavily pitted from chamber to muzzle but still shoots well.  Definitely cut down as the front sight is from an 03 Springfield, a common practice when these were converted to sporters.  The Pacific rear is a definite plus for shooting.