Your barrel is probably just fine as-is, it may, however, need a thorough cleaning. You may wish to have a new barrel bushing fitted, however and perhaps a new barrel link. Ditto replacment of the recoil spring first thing as it is certainly due for a new one. I have always thought the drop in beavertails looked like an afterthought, but to have something like an Ed Brown, etc, fitted will cost a good bit of change, probably $100+ before refinishing, which will be necessary since the frame will be cut for the install.
You can replace the Accro rear sight with any of several other adjustables, but switching to fixed sights is not a practical option. Call me old fashioned, but I think the National Match / Gold Cup looks best with the deep old Colt blue, even though I will admit that something like BlackT is more practical.
FYI Colt can and will renovate your gun for you if you want them to do so, but there are many good 'smiths out there who can do excellent work as well.
Very nice gun...enjoy it and think of your dad every time you shoot it.