The heat treat should be fine, if those were the grips that were on it when it was in the fire. The rubber would melt before you reached a temp that would effect the heat treat.
Myself, the very first thing I would check is the action. If it dry fires OK, then move on to the cylinder charge holes and barrel. The pic of the barrel just appears to be greasy schmutz. The charge holes may or may not be schmutz, could be corrosion. If it is, then it may not be worth even trying. If it is corrosion and results in pitting, cases may stick after being fired.
If they clean up OK, then move on to the exterior. If it is just surface rust, not a big deal, steel wool should work, although it may remove the bluing. If not pitted but the steel wool removes some bluing, I would be tempted to just leave it alone and keep it oiled. If it is pitted, then that gun seems like a perfect candidate for parkerizing, since one of the steps is to sandblast. That should remove or hide all but bad pitting.
It is worth trying to clean up. GP100s are good, strong, accurate revolvers and, when the action is "massaged", they can have surprisingly good triggers. I have a stainless 4" and, after just some light stoning of the internals to remove burrs and sharp edges where there shouldn't be any (quite a few of the internal parts are stampings and mine came with lots of burrs and sharp edges), it has a very good trigger. In fact, it is smoother than a lot of S&Ws I have shot. It is still a little heavier than a S&W because I left the factory springs in it, but it is very smooth.