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There's no such thing as a Third Generation Python.
"Generations" are used only for the Colt Single Action. Some other Colt's that were made for long periods are known as "Issues".
The Colt Python never changed enough to warrant breaking them out as Issues. They're all the same Issue.

In the mid-1990's stainless steel 4" Pythons shipped with Hogue rubber Mono-Grips for a couple of years. These had a molded Colt logo on the right side.
Hogue Rubber Mono-Grips fit WITH the grip frame pin installed and the grip has a special alignment slot for the frame pin.

The 1990's stainless 6" and 8" Pythons shipped with the Pachmayr "Presentation" rubber grip, and for most of the 1990's, other then the year of so they shipped with the Hogue rubber grip, the 4" stainless Python shipped with the Pachmayr Gripper grip.
The rubber Pachmayr grips were fitted with Gold medallions.

In other words, if you have a stainless steel Python made before the Python Elite of the late 1990's, it probably shipped with rubber grips, not wood.

The frame pin has reduced diameter ends, so a section of drill rod will not work for most grips that have holes to fit the pin, they'll have holes that will be too small.
You can buy a new pin here:

PYTHON. Accessories | Numrich Gun Parts
Part 52.

And:
http://www.coltparts.com/pt_python.html
Part 2.

Installation of a new pin is easily done by padding the jaws of a vise with brass and using the vise to press the pin in. Since the pins are usually very tight fitting, this works better then driving the pin in with a hammer.
If you have to use a hammer, you run a risk of battering and deforming the end of the pin.
 
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