I'm no expert, but my first gun back in the '70's was a similar tin grip pre war Junior. It does look as if it has been painted, & not very well at that. If it was mine, I'd restore the internals, & keep it as a plinker. Shouldn't cost much or be difficult, and in a few years it might be worth far more.
Bru
Webley Mk3 x2, Falcon & Junior rifles, HW35x2, AirSporter x2, Gold Star, Meteors x2, Diana 25. SMK B19, Webley Senior, Premier, Hurricane x 2, Tempest, Dan Wesson 8", Crosman 3576, Legends PO8.