Union Switch and Signal - What To Do?

[Singer B]

My friend just acquired this US&S 1911. I had never seen or heard of one until he showed it to me today. He was asking for more information about it and he gave me permission to ask all of you. His questions are:

1. Can it be saved?
2. If so, what does he need to do to restore it?
3. Is there a recommended shop to do such a restoration?
4. Would a restoration hurt or improve the value?
5. How much is it worth versus how much would it be worth after a restoration?

Obviously, the grips, barrel bushing and rear sight are incorrect. It appears to have been re-blued at some point in its life. Since it is only one of 55,000 and from the 2nd rarest batch of 1911s, we definitely think it may be worth saving and if so, how do we do it correctly? We also think the barrel is incorrect. As always, any advice or recommendations are highly appreciated.