What am I not seeing here...
The Safety looks like a hand made edition to reverse the SAFE & FIRE positions.
(One of the contract military Mausers has such a design, but right from the Mauser factory at the request of the buyer (Peru maybe??)
But that rear sight,,is it missing the Windage adjustment and LH side of the top bar altogether?
The butt plate could have been made 'White/Black/White/Black/White' ,,but maybe that would have been way too much. Wanted to keep the alteration classic in style.
All in all I think it would be a great project rifle. Lots of work including recutting engraving, but it would be an enjoyable restoration.
I think someone performed some extensive modifications to that Lyman 48, they shortened the base and recontoured it to avoid the big cutout that
you often see on the right side of the stock. They shortened the windage portion of the slide and made it windage adjustable via cutting a slot for
a jewelers screw driver.
I agree with you, I hope someone thought it a great project rifle and will make it into something LRF and the rest of us would enjoy seeing.