By "Would You?", I'm assuming the question is still "Would you do it?"
That's a tough one. I've got a similar dilemma with a hand-me down Winchester in pitiful shape. I, too, have thought about adding a receiver site and maybe some sling mounts to make the rifle a little more practical for the kind of hunting I do.
As a rifle enthusiast and somewhat collector who's frequented too many gun stores and shows, I've seen enough rifles poorly modified (sporterized, bubba-ized and just plain ruined) that I can't bring myself to add anything aftermarket unless I'm damn sure I can add/remove it without adding a hole. So normally my thought is, if you want a customized hunting rifle, don't take an old rifle and "ruin" it by putting on a modern add-on; buy a modern rifle and make it the way you want it. But if the gun doesn't have any collector value and you're emotionally tied to it, why shouldn't you?
For what it's worth, I would give serious thought to the modification this way:
1) Is the things buggered up enough that an aftermarket sight is the least of its problems?
2) Can I get a receiver or tang sight that will look at least somewhat correct on my 94?
3) Am I absolutely certain that I'm not going to sell this rifle?
If the anwer to all three is a definite yes, find a good smith to do the drill/tap, and take your old friend out!
If they question is "Which one", I'd look in some old magazines (scads of them on the net), to get a feel for what types/brands of sight were available then and pick one that looks vintage for a late 40's, early 50's 94 and go with that one. Personally, I'd go for a Lyman or Marbles.
