Ben,
Do us a favor and post your Luger... in the Luger section. I would love to see it.
Anywho.. I love your Arisaka! If you got it as a "freebie"... then by all means restore that sucker, since you won't be out any $$. I agree about the stock.. keep looking, something will pop up. Sooo many were sported, the parts are out there... and I agree, any is better than what you have on it now! If you are willing to sit tight for a period of time, I am sure the right stock will appear on Gunbroker or Ebay.
As to your metal, I would grease/ oil it up, and don't polish any further.
What I would also do, is try and get the Vet's name, rank and place where he was stationed/ fought. Keep this information with the rifle. As time goes forward, this type of documention will be rare. I only have 1 Arisaka that I know where it was found/ claimed and who brought it back. It gives a bit of history to the rifle.