Looks like you're spending way too much time on that plane for what it's worth.
Actually the pitting will tend to tear up the user's hands and make it virtually unusable on a shooting board. I wouldn't want to own it. But perhaps the worst of the pitting could be filled to minimize these issues.
What's up with you guys today?
I've cleaned up more than my share of old hand planes that were less than cosmetically perfect, and were in need of more time and in some instances, more money, than they were worth from a re-sale/profit perspective. In the case of a family heirloom, sometimes it's a no brainer. You do the rehab for reasons other than financial gain, monetary value, etc. There's something good about giving an old tool a new life, particularly if there's a known back story.
As for pitting and imperfections, well, that might be true about shooting, but that's just one function of a bench plane. Lesserson's plane can be used for a variety of other tasks depending on how he sets it up, grinds the iron, etc. The tote and knob look to be smooth and in good condition so tearing up his hands doesn't seem too likely.
I'm not trying to start a fight here. I guess I see some value in rehabilitating old tools and tend to take a "glass half full" versus "glass half empty" approach to them. If you're fixing up an old tool to use, then throw the time and money argument out the window. It's really just a labor of love. If you're in it for the profit, resale, etc. then I guess one would need to use a little more discretion, and still, some collectors don't want a tool that's been restored, cleaned up, re-finished. Usually such a tool is seen as having been de-valued, and a lot of guys shy away from them. Best to get an old tool, put a little (or a lot) of time into it, enjoy the process, and then start using it.
Jim C.