Bob W. wrote on May 22^nd, 2019 at 4:38am:

Thanks, guys, for all the info. I like the kraghaus rail idea and it's nice to know that's an option. But I've got too many other guns I never get to shoot -- so I'm still on the fence about keeping it. So that leaves me with one more question: For the Krag novice, could somebody please explain why the 1901 handguard is so important? I guess I could sell the handguard and replace it with the correct 1898 guard ...

Installing a Kraghaus rail would require the handguard to be removed.  Although the short rail would most likely fit in the opening, you would need to modify it for the scope rings to fit. 

It's not that the 1901 hand guards are rare... it's that you have a 1901 Carbine hand guard, and those are always sought after!  If a hand guard is not removed in the correct way, as Culpeper stated, then it'll crack... and you'd be shocked at how many try and snap 'em off anyway, destroying theirs in the process!  Another good trick is to install a quarter and nickle in the clips to help them retain their form while the hand guard is removed.

Now... here's my opinion:  I'd keep it, remove the hand guard (sell it to someone with a true carbine and make their decade!).
Install a Kraghaus rail and LER scope, or a rear sight and an aftermarket front sight... and enjoy the hell out of it.  You'll find that there just isn't another rifle out there that is smoother in operation, and shoots better than a Krag!!!  Sporter's have a place in the world too (I have one) and they can be quite fun... and very useful for hunting.  You won't be further destroying any collector value, so there's no reason to not install the scope.  I think as others have said, you find this one growing on you, and Krags have a tendency to multiply too!