Thats a G98M Reichswehr Gewehr 98. The WWI G98 had the famous roller coaster sights and a polished receiver, after the war some of those rifles were modified with the simpler and newer tangent sight (k98k sight) and were blued entirely. They were used in the Reichswehr, which was the German military between the two wars. Many of these were later converted into K98k's but some stayed in this configuration and continued to serve in the 2nd world war. Which is really cool, a rifle that fought in two world wars. Needless to say bubba-ing this rifle would be an atrocity.
German Reichswehr troops with the rifle during some gas drills. (Notice the doggo gas mask
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What I highly recommend with old guns is re-oiling the stock with pure
linseed oil furbish. This is to preserve the wood, also dried out stocks are prone to cracking, splitting and warping which has a pretty bad effect on the rifles accuracy (and also value). Linseed oil is the original way to oil rifle stocks. Before you apply it simply GENTLY rub down th stock with the finest steel wool, just to make the surface accept the oil. Let it dry for 24 hours. Don't forget to oil the inside too, and rub the steel wool with the grain, never rub in circles or against the grain. You can re-oil the stock several times for maximum effect, just let it dry properly. Rifles with properly oiled stocks shoot better, they have tougher stocks, the feel better to the touch and they look better too.
Dealing with pitting is easier, you have to stop the active oxidation process, simply take fine steel wool and WD40 and remove the rust via scrubbing. Don't use too much pressure or you will make ugly scratches into the steel.
Personally, I find re-bluing old rifles not sacrilegious if its to refinish rifles that were polished to stop rust.