Once the paper was broken to obtain the serial number, all bets were off in regard to preservation. In the last 15 years the paper around the muzzle and buttstock has often been damaged as well.
There is no way to tell if the rifle is still preserved, or if all you have is a rust incubator. What about the wood? Is cosmolene good for it? Not a lot of cosmo on the wood, so then it needs to be oiled to keep it from drying out. Can't linseed oilicon wood that's covered in scraps of greasy paper.

Mine is unwrapped, rarely fired, and periodically maintained. A few more decades down the road and we'll know who did the right thing.