Does look like a good bit of swapped parts and id think being non-original, its prob lost its value for something significant but it is a colt and is a functional firearm...that being said, id think it prob in the lower realm of value i wouldnt say bottom dollar cheap...keep it and restore, sell...
Grip reductions are very tricky to do and the frame can split if not done correctly...most lose the ability to ever find the right feel and the grip angle can change drastically from what you think you want to what you absolutely never wanted...there are some shops that do grip reduction/rear...
Ive got a 34/2.5 im think about selling once i get the stippling done...frame work is done...just too lazy to find a texture i want to do...got a few new ones in mind i might try...