I should hate it but I don't. That's a very well presented classic air pistol, albeit cased in the European rather than British style.
If it was a wreck to start with, what has been done to it is not detrimental in any way and quite the opposite. Had it been a very good example to start with, my answer would probably be different.
John
Currently looking for Baikal Makarov pistols with the following prefixes to the serial number: 98, T01, T09, T21, T22
Prefer boxed or cased but will consider loose examples too.