flintman: I don't know if that is too much to pay for one of those beauties or not. As you may know, S&W's Performance Shop, I believe, has been re-making some of the oldies and I think they are re-making the 44 special model, the 1917 model and a couple of others, with one of them in 45 Colt (????????) but not sure and the prices they are asking for the new ones is higher than what you paid for yours.
If that revoler does not hold any collector value for you there are many options you can pursue, including a shorter barrel if you would like.
BTW - I would not worry about the ring on the cylinder - it just shows that the gun has been used and that it hasn't sat around doing nothing for the past quarter century. You should enjoy, enjoy, enjoy. Mikey.