I'd refinish it. I'd go with the finest steel wool and paint thinner for the metal, take it down to the factory bluing or as close as you can get, then repaint it the black Alumahyde.
For the wood, well this is just me, but I'd go balls out on the thing: start with 60 grit sandpaper til you're down to bare wood (or close), the go to 100, then 150, then 220 to get it nice and smooth. Stain with Minwax of your choice (I like Red Mahogany, personally), then polyurethane to protect it.
That'll be a damn nice looking gun after you do that. At present...not so much.
(And you know, if you'd said you did that paintjob yourself, we'd all be like, "Cool DIY job, looks great!" But yeah it's kind of horrible.)