the rifleer said:
I would try and put it back to original condition. I personally thing that it looks kinda dumb if it isn't. Its like those people who take very nice classic cars and make them into a hot rod and put flames on the side, it just kills it.
Naturally everybody has their own likes and dislikes, but I think that it's also important to put things like this into historical context (assuming that part of the reason that we collect these old rifles is because of their history).
A lot of very respectable sporters were made from military actions, including 03's. Obviously quality ranged from "what were you thinking" to some real works of art. People didn't just turn them into hunting guns because they were cheap - they did it because they were cheap and because they were extremely accurate and durable guns.
Back in the day, an accurate, durable commercial hunting rifle was very expensive. But a surplus military bolt action rifle could be had for a reasonable amount of money. A guy who was handy with a saw and a rasp could make a decent stock out of the military one. A guy who had a few more dollars could buy a nicely made sporter stock and completely ditch the military furniture. Add a scope and for a fraction of a Weatherby, Savage or Winchester, there would be plenty of meat for the winter.
I've got examples of both rifles: a really nice 1903 MkI that my great uncle sporterized with a beautifully checkered walnut stock, and an equally nice 1903A3 from CMP in its Army furniture. Both of them represent great examples of a 1903 rifle from two different periods of time. Obviously I wouldn't dream of sporterizing the A3, but likewise, I'm not going to restore the Mk I - not because it was my great uncle's (and my dad's), but because it is as historically relevant as the A3 is.
However, like I said at the top, everybody has his own likes and dislikes and Mike probably put it as succinctly as anybody could.