First, lets talk about how well it shoots. If it is in the 2 inch range at 50 yards, you dont need to fix anything, just tune it up. I have been using Alan Harton in Houston and he can really tune up a Ruger NM. I recommend a Bowen target rear, NOT the rough country, an undercut front sight, a BM #5 base pin, crescent ejector, bp chamfer on the cylinder, and a trigger job with a trigger stop.
Taylor throating is for revolvers that display poor cylinder barrel alignment. For my money, I would instead correct the alignment issues, and install a new barrel.
Coating? How about just keeping a oily rag in your kit?