I need to give it a good cleaning and then test it thoroughly. The first thing I encountered was the bolt wouldn't come out unless the action was removed and I pried down on the sear. I believe one of the springs was replaced and wouldn't compress enough to allow the bolt to come out. I trimmed the nearly 3/4" spring down and now it works perfectly. I tested it after reassembly to make sure it doesn't "bump fire".
The action is smooth and locks up tight. Extraction and ejection seems to be working (with live rounds). Feeding rounds from the mag is not working smoothly as the rounds are getting hung up on the chamber and lead is getting shaved off. It might be the magazine.
I will probably replace that old 4x15 scope if I don't find it useful. The stock is pretty drab and ordinary so I will probably strip it bare and refinish it and at the same time touch up the bluing.