However--it turns out it was his daddy's and possibly even his granddaddy used it (we're both north of 60). I told him I'd be quite upset if he bashed it up--he promised he wouldn't. 
Heh! No, seriously, there actually are viable needs for reduced recoil .30-30 ammo, never mind that .30-30 has fairly mild recoil with normal factory loads. Mostly, for youth and ladies' use. Also, there are some people who are really recoil averse, sometimes it is a result of a medical condition. Were it legal to hunt with conventional rifle calibers in Ill-Annoys, my BIL would fit the mold. Due to old football injuries, he has had multiple shoulder surgeries. Also, if she were so inclined as to hunt (which she isn't), SWMBO has Rheumatoid Arthritis which means she has a lot of joint pain, and is thus very averse to recoil. In both cases, a reduced recoil .30-30 load would be just the ticket.
I honestly can't tell any difference between the reduced recoil and full power stuff in this particular rifle--but then I'm a pretty dull guy and heavier hitting stuff doesn't bother me all that much--I get headaches from my small brain rattling around from the report concussion far sooner than I get a sore shoulder.
I'm one step ahead of you--the owner absolutely insisted he didn't want it and said I could have it. I totally agree with you on the restoration--it will likely cost more than the scope itself is worth, but having already shot it I know how good the glass is, you can trade a whole lot of magnification power for clearer glass IMO. Apparently there's a guy out in El Paso where the original weaver made many of the K series scopes, in fact this guys used to work at that factory, and he still restores these. I'm going to see if I can track him down--I have plenty of lever guns I would love to put it on. This particular one has the brass turret tops--which apparently are more desirable than the later ones which switched to aluminum.
I handload too, but the owner relies on commercial hunting ammunition. He is going to use it to hunt deer, so I told him to select the ammo he wants to use and then I will finish testing and print out dope charts for him. I think the gun is more than up to the task to take game, and I love the idea of it being used for that, as long as it's not bashed up in the process--I fell in love with this rifle.