Butlersrangers comments about interesting and not worth much while true does not take away from the fact that Krags have legendary smoothness when operating the bolt and will be a source of shooting pleasure to any one that hunts are target shoots.
Your friend's FrankenKrag could still be relatively accurate and a lot of fun to play with. I have a sporter that I put a lot of time and effort into building and took it out on a 4 wheeler a couple of nights ago hunting a pig and it really irritated me that I bumped the stock a couple of times while carrying it in my lap. Your friends looks pretty good from a distance and would not really suffer much from an occasional ding.