I went to a auction the other day and purchased what I believe is a colt 1878 in .45 LC it was marked as early military revolver. I got it for $250 it has some pitting and the bluing is gone the pony is completely gone and the colt logo is also gone but the serial number is intact. I want to send it in to a gun smith and have them get it functioning if possible which I think should be no problem. So my question is does this pistol look like a colt 1878,  who would be a good smith to send it to, and what would you think the value of this pistol would be.
" />
" />
" />
" />
" />
" />

It looks like a Colt 1878, but the Colt 1878 was never a US military issue revolver.  It was strictly a civilian commercial firearm.
The military used the Colt Single Action up until they adopted the Colt New Navy in 1889, then the New Army version in 1892.
These were the world's first double action, swing-out cylinder revolvers.
The only Colt DA revolvers of the 1878 type that were bought by the military were the Model 1902/1904 Philippine Constabulary and these were bought for the Philippine Constabulary not the US military.

Since usable parts are virtually unavailable and almost no gunsmith will even attempt repairs, getting it repaired will be very difficult.
I'd get on one of the Cowboy shooting forums and ask about gunsmiths.  There are a tiny few custom pistolsmiths who specialize in Cowboy type firearms and who may attempt repairs to these early Colt DA revolvers.

Note that repairs will be VERY expensive and you'll wait in line a long time due to their work load.  
The men who are capable and willing to attempt gunsmithing on these guns do not work for minimum wage.
Parts will usually have to be rebuilt or even made and that's not cheap, especially on this type of gun that's infamous for being an intricate, complicated, and fragile action.

So, you're in for quite a hunt for a pistolsmith and you'll need to bring a WELL loaded wallet.

Value totally depends on actual condition, judged by the amount of ORIGINAL factory finish still remaining, and on the gun being in proper working condition.
80% of these were made in .44-40 and .45 Colt.
If the gun is not in correct working order, you have to deduct $500 from the value.  
Due to the weaker action, shooting is NOT recommended unless it is in correct working order and cylinder timing.
Ball park values are as follows based on percentage of original finish.
10%--$625
20%--$750
30%--$850
40%--$950
50%--$1,150

David Chicoine knows a lot about these guns, don't confuse them with the much more fragile 1877 DA guns.  Not sure if he still works on them but he did at one time.