Re: 1877 Colt Lightning fix, refinish, sell for parts
Those guns are hard to get parts for and harder to work on or find anyone who will work on them. The poor outside finish makes it probable that an internal rebuild, if you could do one, would still not make the gun very valuable and would likely cost more than the added value to the gun.
My recommendation would be to sell it for what you can get (probably $200 or so) to some suck.... I mean some discerning collector who wants a project and restoral gun.