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This sounds interesting, and a pretty old gun. I would leave it as is since it seems to be of good workmanship, and rather unique.
The adjustable sights were probably added through machining and, as a Colt, the gun lost its value then; but as a shooter, it might not have any value to you now.

Could you post pictures or explain how it was done? Are the chambers straight? Any insert there? Is the bore centered in the barrel (I suspect it was easier to modify the hammer but who knows?).

Thanks in advance.
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