I would leave it alone, shoot it and enjoy. .30-40 brass is readily available, and a 180 grain round nose bullet over an appropriate load of 4350 will shoot extremely well.

I have a collection I call "grandad's deer guns", and it includes a cut down Kragicon. Mine was done by a competent workman, cut down to carbine length, and installed in a real carbine stock.

In my opinion, it has as much "status" as any of the Winchesters, Savages or Remingtons in my collection. Here in Eastern PA, almost any estate auction will include a cut down Krag. They were apparently very popular during the years between the wars, and are highly regarded as a "hard shooting rifle".