I picked up the rifle last night. My first impression was that while a bit dirty, it was in pretty good condition.
First thing I did was remove the bolt which didn't look too bad. That is a spot of white paint on the bolt handle.
Mostly dust, minor rust inside:
Next, I gave the bore a good scrubbing after which, it shined like a mirror with no obvious defects. The exposed parts of the barrel and action have lost most of the finish and one spot near the front sight it looks like it was scrubbed. Just a few minor rust spots with no pitting.
The stock is solid with only a minor nick on the forend. The entire stock appears to have been varnished at some time in its life.
Mechanically, everything is sound and functional. The action functioned smoothly after I cleaned and lubed everything.
I only had an hour to tinker with it but I got it cleaned and lubricated. My next step will be a range trip. After that I just have to decide how I want to restore the finish.