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You will not find a slicker action. There is a good book on these, do a search and I think they can be found on ebay for around 30 bucks, worth it if you want to know the history. If you can't find it, let me know and I'll give the complete info on the book.
I have not seen them with polished receiver, I suspect it was done by someone afterwards. These can be very good shooters, especially with cast bullets at moderate velocities. IF the bore is good.
Be careful, some bores were .318, and most were updated to .323 . Your "S" stamped receiver with the notch indicates a .323, which is good. Lee used to make a 230 Karabiner mold that works well with this rifle.
I would slug the bore just to make sure you know what you have.
Dan