The Aerial M4 is fairly scarce, so don't do anything before first using some 000 steel wool and oil to remove whatever it is that is on the blade. Once you have removed the gunk, you can see what condition the blade is in. The blade looks pretty good, but appears to have been sharpened some. Also, if major stains and blemishes remain, that will actually give you more license to repair the tip. If the blade were in excellent condition, then I would not do much, if anything, to the tip. To answer the value question, the worse the blade is, the less the tip matters, so if the M4 ends up looking a little battle weary, then fixing the tip will help the overall look of the bayonet. I would not put heat to the tip unless the blade is really in bad shape. There looks to be a lot of the original finish remaining. You'll lose that with heat, and never be able to match it with cold blue or anything like that. If the blade just has grease on it, as you said, and comes out nice, then do nothing. The tip looks twisted, not much you can do without re-tipping.
Anyone can say, "it's your decision", and in the end that's what it comes down to, but my rule of thumb is: If the bayonet looks like it has been through the war, I would do what every good American GI would do; re-tip the blade. Make it look like it was done during the war, like it was a well cared for tool. You'll know more what to do after you clean it. Good luck. I think that Aerial is worth saving.
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