I"ve bought a 1894 in .32 win special.
It was built in 1944, and is mechanically sound. There"s a small crack in the forend where someone has mounted a swivel, a few bruises on the stock, and the blue is almost gone. I"m wondering if I should refinish the gun, or if it would devalue it. It"s not an expensive gun anyway, I"m just wondering if I should leave it as is?

leave it alone. get a legit replacement fore-end if you like....or remove and glue the damage to at least, stabilize the wood. But. leave the metal as is.

The forend is in no danger, the barrel band holds it together. There"s two holes where someone screwed a sling mount into the wood and split it. The gun is safe to shoot the way it is, I just wondered if the old girl could"nt use some "cosmetic work"!
It has character the way it is, and I certainly could live with it.

In my opinion, if the rifle is a standard Model 94 carbine in .32 Special and there is not something unusual about it, you won't hurt the value appreciably by refinishing it as long as the job is carefully done, so do what pleases you and don't worry about the resale.

Too many people worry about 'resale value', and don't turn their rifles into something they really like. I figure if it's not a $1,500 rifle to begin with; do what you want to it, and enjoy the thing. I've got a prewar '94 .30-30 that is about 95%. I had it drilled and tapped for a peep sight, and I refinished the stock to suit my taste. I won't ever sell it anyway, so in the mean time, I'm gunna go shoot it, enjoy looking at it. Do what you want with it!

Considering the wear and tear on it already. You would probably increase the value by having it restored, if done correctly.

'94 carbines are coming out of the woodwork and are not commanding the high prices that they did for a while.

I had/have an M94 that was built about the same time. It also was a .32 Special...There was nothing special about the gun, just one of 2.5 Million. Who cares??? ME!!!
I rebarrelled it to .25/35 Improved with a 22" pipe, and installed a Lyman peep. It's now a great little .25/20....256 WinMag, with cast bullets, and a great deer-rifle with 117gr Hornady round-nose.
It, and my Ruger 4 5/8" Blackhawk .30 Carbine, get thrown into the truck, whenever I leave town.
The onliest way that .25/35 would be sold, now, is if I was offered too much, and I would just use the money to build another.
I also shortened the magazine, so that it's now a 1/2-mag. Balances well.
Some other ideas are .30/30 Improved, .219 Improved Zipper, and .375 Win......
Have fun,
Gene