'Jared123candy' - The Krag you have been offered has been' sportered' for Hunting. It is not practical to 'restore' it. (It could cost about $1,000 for correct parts, alone).

Also, there are other problems fatal to restoring: 'New' holes were drilled & tapped into the Receiver to attach a commercial 'peep' sight. The barrel appears shortened with an 'after-market' front-sight attached. 

A Krag action marked "model 1899" started out as a Carbine. Your friend's Krag is now residing in a 'cut-down' rifle stock.

IMHO - The only sensible thing is to use this Krag as it is. A realistic value is $200 to $300.