One last double check
Particularly if you are the least bit uncertain, let the range safety officer have a look at it. (Converse for a short while so you have confidence in the opinions you get. Not all range officers are qualified as gunsmiths.)
I have an 8" Colt Trooper. It is a great gun, a beautiful sculpture in steel and a joy to shoot.
I have been told that the innards of Colt Double Action revolvers are finely tuned and need special care. I don't know how true that is, but with ANY revolver, don't abuse it. Snapping the cylinder shut (a.k.a. the "wrist flick" can bend the crane out of good alignment. Snapping it open is not much better but no one ever warns against that. Holding the hammer at half-cock and spinning the cylinder is not a good idea and even worse, to let the locking hand (cylinder stop) stop the spinning. Use it as it was designed to be used and it will last a GOOD long time and you can leave it to your son (or daughter).
If you are not confident in cleaning and lubricating the gun, find a good gunsmith and have him open it up and teach you (normally taking the sideplate off is not necessary, but it is good for you to know how it works inside). I imagine a smith would not charge much for a half-hour lesson that honors a fine revolver, teaches a person who respects the gun enough to ask and potentially cements in a future customer.
Before you do that, go to Colt's web site and download a .pdf of the owner's manual.
http://www.coltsmfg.com/MediaDownloads/Manuals.aspx
Page 2. Apparently the Lawman revolver and the Trooper revolver share the same manual.
Lost Sheep
P.S.
It is sad that I feel compelled to warn you of this: If anyone ever suggests such an old gun is unsafe and you should get rid of it, just smirk and say, "Yeah, right" and never believe anything that person ever says.