I have an 1897 Frontier Six Shooter that was restored by Colt in the '60s, with a new frame, hammer, trigger, so there really is zero collectability
Again, one has to define 'collectability'. Collectability simply means how much is an old gun worth. Nothing more, nothing less. It does not matter if the potential customer is a legitimate collector, whatever that is, or an average guy off the street.
The value of a firearm, whether to a 'collector' or the general public is based on it's condition, it's rarity, and if it can be proven that it belonged to a person or an event with historical significance.
The rarer the gun, the more valuable it is. That's why Walker Colts command a huge price, there were only ever 1100 of them made, and a lot less exist today.
If a historical connection to a famous person in history can be established, that enhances the value too. I saw an antique S&W revolver that had belonged to Teddy Roosevelt go for a huge price, because a factory letter showed it had been shipped directly to TR from the factory.
And then condition also affects value. A gun that has not been refinished and is in pristine condition will always command more value than one in less than pristine condition. The lower the condition, the lower the value.
Finally, regarding a firearm that has been restored at the factory having no collector value, that is simply not true.
A firearm that can be proven to have been restored at the factory will always have more value than one done by an unknown craftsman. I attend a lot of auctions and I see that all the time.
Case in point. This S&W New Model Number Three was manufactured in 1882. The accompanying factory letter states when it was manufactured, what features it had, and where it shipped. The letter also states the gun was refinished at the factory in 1965. This gun is immaculate and looks like it just left the factory yesterday.
The New Model Number Three on the left in this photo shipped in 1896. The finish has a lot of wear, but mechanically the gun is perfect, as is the refinished one. The one that was refinished at the factory cost almost twice as much as the un-refinished one.
Here is an other example. A first model S&W Schofield revolver. It shipped in 1875 and was refinished at the factory in 1957. Over the years the refinish has worn a little bit, but it still commands a good value. Not as valuable as one with the original blue in the same condition, that would cost a huge amount. But proven to have been refinished at the factory it commands more value than one refinished anonymously.
And in parting, yes I do shoot them. Not a whole lot, but they do get shot. With Black Powder loads only, of course.