How is the barrel in it?
Those FTR'd to mk2 at Fazackerley were finished by phosphating and painting with a product called suncorite which was then baked to a very hard finish. Very hard to come by, as I'm finding.
You could refinish the stock set with
linseed oil
(boiled), which would be an improvement, but whatever you do, you will have a rifle that has been beat up and sanded and thrashed a bit.
So I would not approach this project with and objective of restoring the rifle to a pristine state, but rather to get the most out of the components you have in the rifle. Replacing only that required to achieve good functionality, and not spending too much.
I'd strip the receiver of all parts, and clean the receiver and all small parts of any rust and/or grease with very fine steel wool, then I'd degrease and paint the lot ( with the exception of the sear, trigger contact areas,bolt head, and bolt forward of the handle) with some good quality epoxy based black satin or mat spray paint.
I'd also just clean the wood with solvents and steel wool and wipe it quite a few times with pale boiled
linseed oil
.
I know it won't be original, but you will never get that rifle to be like new, with this treatment, you can have a respectable looking shooter in less than a day, and it will cost you about $20 for some linseed oil and a can of spray paint.
You can get the sight pretty easy, look on ebay.
You should also if you havn't done so already have the headspace checked before you use it.