Interesting early rear sight base, but as far as a bottom up restoration, I agree with BAR above. However, you could find a more correct-looking high hump handguard - the one you have is a WWII replacement. Other than that, I think I'd leave it. On the other hand, a correct pre-WWI rear sight is not that hard to find, if you can match the finish. I don't think I'd do anything else.

Is that an R on the bottom of the bolt handle? If so, it is a Remington WWII bolt.