Typically re-bluing an old firearm that is in better condition is "distasteful" however one that is without (added) collector value it doesn't much matter, it's whatever makes you happy.
I've seen absolutely pristine model 31's for sale for under $400 so while we typically don't give values on the board I think says it all. If you choose to re-bluing this it's entirely as for your taste and value, considering the cost it wouldn't be a wise (financial) investment but that doesn't mean you shouldn't.
Model 31 Blueing and value
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DavidFagan
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Re: Model 31 Blueing and value
David J. Fagan
The Silicon Sorcerer
The Silicon Sorcerer