Fishdock, I'm pretty much a bottom feeder so I've gained some knowledge just from having to deal with my past mistakes. Yes, it was pinned, shoot it until it's loose (beleive me, it won't take long). Try shooting it with an aluminum shim for awhile (made from a strip of Al cut from a soda can). That should keep it going for quite some time. Then after you've shot the gun alot and know for sure it's a keeper do a proper repair. As far as the barrels being hot blued, it shouldn't matter as long as they were brazed (and not soldered) together, as most Belgium guns were. Check by taking a point and run it along the joint for 1/2 inch(underneath the forearm) to expose the soldering/brazing material. If it's copper colored you're okay.
About the punch marks, it may have already been punched, then properly fixed, with the punch marks still remaining. You won't really know unless it shoots loose after a short while. I unwittingly tried to repair an old Crescent that way once, the repair lasted less then 50 rounds. I next had the gun hook welded and I filed it to fit, the punch marks still remained even after a good long lasting repair had been made.
Steve