Hi Morsecode........welcome to TFF!
The Pre-Woodsman and early Woodsman series have started to become quite collectable, the later series a bit less so.
The Challenger and Huntsman Models, being less expensive, haven't reached collector status yet........but in the future, who knows? If they ever do, your serial # 4-C (probably the first day of production in 1950), would be among the top in value. You might even want to consider getting a Colt letter.
If I were you, I'd start looking around for a set of the correct grips (try Ebay or ********* and check back often).
If you want to shoot it occasionally....why not? But.......try to keep it in it's present condition and take good care of it. It may
someday start to increase in value. As I said, who knows?
Current Blue Book value.......
98% - $495
95% - $325
90% - $250
80% - $225
BTW......there's a reproduction of Colt Challenger Instruction Manual on Ebay for $5 right now.....
Also a few magazine Ads in the $5-$6 range: