The above gun is not a restoration project, it is a money pit. Run, don't walk away.
The very most important choice you make in a restoration is which gun to put your effort and or money into. Choose a good candidate and restorations can be very rewarding, actually some of the more enjoyable work that I do and special skill set itself. Last year I had a very high grade Belgium boxlock come in the shop that had been dropped on the asphalte as the owner was crossing a guardrail, it had deep scratches in the barrel blue and the action was damaged it a few areas around the fences. The owner did not know he had cracked the stock as well. I was able to repair the wood, polish and blue the barrels, my engraver touched up the action with some micro-welding and re-cut a few areas, I blended out his work did not need to recolor the action. The owner was delighted with the outcome, it looked great. It was not inexpensive but the owner felt it was well worth the costs.
Not all guns are worth restoring, most are not, that does not mean that restorations cannot be done reasonably or they are all money pits. Select wisely and proceed...or don't, your choice.