Thanks for the advice, gents, and for the concern for my well being as well.  I'm retired military, so I know my way around firearms, I just don't don't know this model very well.  It's been a pleasure learning about this rifle and it's history.

I have indeed had it checked out by a competent gunsmith, a second-generation smith that comes highly recommended by a number of shop owners and shooters in my area.  He verified that the weapon is still chambered in 30-40, that the barrel is very clean and smooth, and that all hardware is in good condition internally.  He stated that he would personally have no worries putting another 5 or 10k rounds through the rifle (making sure to clean and check for wear and tear as normal) before considering retiring the rifle to a mantelpiece display.

Talking with my father-in-law about the rifle, he stated that it had never failed to fire for him as long as he used factory ammo, and that the accuracy was excellent using the iron sights he'd had installed.  It was sporterized by an ex-military gunsmith in central Alaska back in the '70s who had done similar work on a number of Krags in his career.  That was why my father-in-law had chosen that particular gunsmith - he'd seen examples of his work elsewhere and appreciated the apparent quality of the man's skills.