It definitely is not a collector's item with the loss of finish, but it should be a good shooter if you can get it below $400. I think these aluminum receivers were anodized, but I have seen some where owners have simply spray-painted them with black enamel. That might be a cosmetic fix for this one.
The other cosmetic fix would be to simply strip off all of the black finish on the receiver of the gun and leave it natural. Colt made some Frontier Scout's that were in that configuration.