Griz,
Anything made by man in my view can be repaired by man.It is just a question of time and money.Time is all your own, you can invest as much as you would care to.Money may be the problem.
If that Colt was mine I would strip it right down and then mic the slot in the water table and the locking lugs on the barrel, check their relevant disposition, weld up all the visible peening marks and dress back the lugs and water table to become flat and square, then carefully file and fit using a smoke lamp when and where necessary until I had the desired relationship between the mating parts.It will be worth it at the end and you will be so proud with the acquired skill that you will obtain.Good luck.
All of us are only an email away.
Please note NEVER try to assess if a gun is on the face or not with extractors or ejectors fitted.You want only the mating parts, breech face and barrels to interact with each other.
