'B1BWSO' - Welcome to the KCA Forum.
IMHO - No major Restoration! You have a beautiful U.S. model 1898 rifle.
Your Krag, # 111746, was assembled in July, 1898. Its serial number is also listed in the Springfield Research Services data. "SRS" is a list of U.S. arms found documented in official records, researched by Author, Franklin Mallory. Only a very small percentage of Krags are so recorded.
Krag, #111746, model 1898 rifle was received, on 09/26/1903, by the West Virginia National Guard.
(Of course your rifle had a history, before and after this event. The record of it being issued to the W.V.N.G. is just a 'snap-shot' of its use).
I would just recommend a basic cleaning of your Krag, preserving the present metal patina and appearance of the wood. DO NO HARM!
Shoot it, clean the bore, maintain it and enjoy.
I do not know the qualifications of your friend. It is rare to find a gunsmith, nowadays, who has a good understanding of antique arms and finishes. (Even when new, Krags were not finished like more modern guns).
If it were mine and I had someone truly skilled in antique wood repair, I might have the stock damage, in front of the bolt-handle, invisibly repaired and "area finished" to match the surrounding wood.
p.s. Your Krag did not ever have a 'peep' sight. The missing piece of wood is a common break on a lot of Krag stocks.
Attached photo shows normal appearance.
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