There are some holes that have been drilled for a side scope mount. I wish they were not there, but someone had a plan and this seemed to be part of the solution. I checked the thread size to be 3/32 - 32tpi, and my plan is to fill these holes and carefully take them down level.
When I first saw the picture with the holes for a side mount, I was excited, as a very rare factory option was to drill and tap the left side of the barrel for a scope base. When this was done, the barrel writing was moved to the top of the barrel. It is a shame someone drilled through the writing when a top mounted scope base(s) could have been installed. I agree with your statement below, I would leave it as is and install two flat plug screws. Or, you maybe could find an old Weaver side mount base, number "2 48402" made for this rifle. So far in my research, I have not found which Weaver rings to with this base.It is a shame that the stamp has been drilled through. I know that UTICA means something to the collectors here. I could restore the text carefully, but I think I will just leave the text missing. There is enough present to know what it should have said.
My plan is to reblue the metal work. I have experimented with rust bluing on other guns and found this to be a fairly straight forward procedure that looks great. It would also give me the chance to reduce the impact of the vice jaw marks.
I completely agree with your plan to "Rust" blue the gun. The early models, until the move to Chicopee Falls, were done that way. When these older models are "Hot" reblued, the frames turn red or purple. 
The left side of the action lets us know that it is in fact a 25-20 caliber. I think this means a whole lot more to some of those collectors. If you were close by, I'd let you have it for your collection, even if it is a 'well used' example.
I appreciate your thought, but thankfully, I have an almost new .25-20 that I purchased early in my research for my Savage book.