Hi Fenn...  Welcome to the forum, and to the wonderful world of Krags!  You won't regret owning and shooting a Krag rifle.  You'll find (once it's working properly) that there isn't a smoother operating rifle made!

From what I can see, it looks like an 1898 rifle with a nice cartouche on the stock wrist.  Yes, it's common for the windage or elevation knobs to be broken off, and replacement sights are available.  The two holes in the stock are correct.  The upper is for the cleaning rods and oiler.  The lower hole is just for lightening of the stock.  Sometimes, people have found that there was enough of an opening between the two that the oiler falls into the lower hole, but that is not a common thing.  As for the bluing, that is pretty average for a Krag.  If you find one with amazingly consistent and deep bluing, chances are that it was re-blued... and that can lower value. 

Now for the barrel, if it's truly beyond use, then there are barrels available.  Criterion sells replacement barrels (in the white - un-blued).  These are high quality and correct, but you will need a competent gunsmith to remove the front sight post from you old barrel and install it on the new, which requires specific brazing techniques.  Also, the rear sight screw threads will not be correct (original are 8/30, and the criterion are usually 6/32), so that will require some attention.  Also, original barrels do come up from time to time on Gunbroker, EBay, etc.  I would continue working on your barrel and see if you can clean it up some more.  Keep in mind that barrels with pitting and poor rifling do sometimes provide accuracy with jacketed bullets.  Slug the bore and see what size it is.  Krag barrels can sometimes be oversize and having the correct size bullet will make a world of difference.

This forum is a great resource, and there are wonderful people here with amazing advice!!!

Where from down under are you?  I lived in Christchurch NZ for two years!

Paul

The CMP sells the Criterion Krag barrels, their shop can do the replacement and probably the front sight fixing.  Maybe on the rear sight fix.  But maybe you're more a do-it-yourself type.  (You need to Login to view media files and links)

Have you considered shipping to the CMP and having them replace the barrel with the Criterion barrel?  Even if they won't sell to you in Australia, they may perform the work for you if you ship it there...

You can make 30-40 from .303, but it will be short in the neck.  I wasn't aware you were in Australia.  I've seen some nice Krags from there, one had an old long target scope on it that was worth more than the rifle.  With the new laws prohibiting export of almost anything gun related, you'll likely have to get someone there to turn you a barrel.  That won't be cheap as blanks that will finish out at 30" are expensive in themselves.

Fenn 'down under':  That is a nice example of a model 1898 Krag at 'lawranceordnance'.  At a U.SA. gun show in the Midwest, it would probably be priced at about $1,000 to 1,200 (USD).  It would be neat to know how it came to be in Australia.
BTW - In Michigan we considered the 'Lee' a North American design.  The State of Michigan, (due to the slowness of the U.S. Government in issuing Krags), purchased Model 1899 Remington Lees in .30-40.  Here is a circa 1900 picture of a relative's company in the Michigan National Guard.  The Sergeants have Krags and the privates have Remington Lees.  (The Lee-Enfield was a far more robust arm than the Remington-Lee).

Good Luck, Fenn! Your gunsmith did a nice job of remounting your sights on the replacement barrel. I bet it shoots well for you. Keep us posted on how she does.