looks like the stock may have been re-dun at one point? knots and strange grain in the wood compared to most older stocks i've seen. there's a crescent crack from the chamber to the trigger, plus the pool of finish at the bottom corner of the butt from it sitting in the garage propped up for 10 years :-\
the barrel has been shortend to 20" and recrowned. the action seems kindof loose. the bolt wiggles around a bit. the bore is dirty, but not terribly pitted.
and the scope mount weld is rather pitted and splattery.
all the money and time in the world, what would you do with this gun?
The bolt "wiggle" is normal. That doesn't indicate a sloppy/worn out action. Crisp bolt lockup will tell you more.
First thing I would do is cut that "scope mount" off and grind the receiver smooth.
My biggest concern about your rifle is that the yahoo who did the sloppy weld job on the scope mount probably didn't manage the heat from the welding properly. That leads me to be concerned that the case hardening on the receiver may have been compromised in critical areas.
Before going to the trouble of doing anything else to the rifle, I strongly recommend that you take it to a competent gunsmith who has a lot of experience with mausers and have the receiver carefully inspected. It may be a good idea to proof test the action, but your smith will have a better idea of how to proceed than I do.
If your receiver is determined to be serviceable, I would have an aftermarket barrel installed. 7mm Mauser is a nice cartridge. If you like it stay with it or maybe have your new barrel chambered for 7x57AI. Also, have the stripper clip hump removed and the receiver drilled & tapped for scope mounts. I have had good results with the EGW picatinny rail and that is what I recommend.
Re-stock it with whatever flavor stock you like (laminated, walnut, synthetic, etc.). If you go with wood of any kind, bed the action. If you go with synthetic, choose a stock with an aluminum bedding block such as those made by Bell & Carlson.
Replace the trigger. Timney and Bold both make good aftermarket Mauser triggers.
Have the bolt fitted with a Winchester Model 70 style three position safety. Replace the firing pin with a Tubb Speedlock unit while you are at it. Also have a new bolt handle welded on for scope clearance.
Where metal finish is concerned, if you prefer classic bluing, go that route. For practical reasons, my personal preference is a matte finish (such as Brownells Gunkote) applied over parkerization to seal the metal and prevent glare.
Top it all off with the scope and rings of your choice.
there are threaded holes at the top of the mount. the weld is actually "ok"... the arc was angled more into the handle and didn't penetrate much of the barrel.. hence the pits and spatter. it's "solid enough" to be a handle and hold a scope, it's not the prettiest weld, but it's effective and doesn't appear to have hurt the barrel. i found a lot of reload info and spent brass, so i know the gun was used quite a bit and target info i found shows it must have had a scope. from the paperwork i found, i believe the scope was a burris ff 3x9.
the place way in the dark back corner of the garage where i found this rifle, looked like it was a place of "unfinished projects"... or a place of retirement :-\
If it were garbage, i believe he would've thrown it away.
aside from the bad weld job, What do you think of the stock? does that look original? the bolt has been ground down for scope compensation as well.
the man who left behind this rifle was an extremely smart individual, mud engineer, navy ww2, airforce korea.... even in fortune magazine once.
and as far as my question about "if you had all the money and time... " allow me to change that question to:
what if you had no money and no time, what would you do with this rifle?
Any Mauser receiver that's been welded on, like the one pictured, is not worth messing with. A mud engineer is not a metallurgist, a welder or even an employee at a heat treating firm. If it's now yours, do as you wish with it. ObamaCare will take care of you (or will it?)! Most things won't grow back (eyes, fingers,,,, you get the idea). For what would be spent fixing that one, if it could be 'fixed' , you could buy two good ones! This is the same arguement as salvaging firearms from a fire. NO firearm, butchered, salvaged or not, is worth the risk of potential injury. No competent gunsmith would work with the like of what is pictured (and I'll bet it looks even worse when in hand). The one pictured has been 'butchered'. The stock is nothing more than a re-worked military.
"Shoots real good!": definition; it didn't blow-up in my face. Not everything can be fixed on an internet forum!