I'm 99% sure that the wood and metal work on that gun was done by a friend of mine. He takes a Red Label and treats it like a rough forging. He not only files up the receiver and for end iron, but he also rejoints the gun and moves the for end lug to improve the mechanical advantage. His later guns have an oval shaped for end latch which is much more attractive. Others have a Boss 1/4 rib which is sexy as hell. His Rugers open and close as smoothly as a fine custom Italian O/U. He also re strikes the barrels so they are ripple free. He has done a few for himself and some friends. If you were to pay a 'smith to have this done, along with an excellent restock, you would have probably $8K to $10K in your Ruger.
It's common to upgrade Ruger rifles and handguns, but not their shotguns. They have a decent basic design, but Ruger builds guns to a price point - rather successfully. This strategy has not worked for them with break open shotguns. I am very surprised that they don't make a $300 plastic stocked pump gun. If it was reliable they'd sell lots of them.
I did my own custom Red Label, but did not put in all the work in smoothing out the action. I filed up the receiver, turned it into a straight stock, removed the rib and turned it into a 1/4 rib. It's a 30" 20 gauge and I took off about 13 oz. It's not fancy, but I like it and shoot it well.
Regards,
Jeff