Well, as it turns out, the rules at the gun club aren't exactly strict. I can shoot the rifle as-is, as long as I replace the scope with an open or peep sight. They're just out to have a good time, not set any records or anything serious, so the competition is open to just about anything.

But I think that those of you who suggested that restoring the rifle to some semblance of originality are right - the cost and trouble look like they would make buying another rifle much more appealing. So I'm going to stick with what I've got, replace the scope with something else, and pick up either another '03 in the classifieds or maybe an M1icon from CMPicon.

Thank you all for your advice - I really love this place!