Congratulations on joining the Carbine fraternity. Be warned, they create addiction. You will be owning a true piece of very useful history.
Something to check before you refinish that bolt, especially if you are new to Carbines - I have seen a special Inland that was a verified presentation piece to a GM Executive, something like a production award for no. X00,000. I don't remember the number range, but it had a highly polished bolt and a a few other nice touches. If by any chance that is the case with the one you have on lay-away, you will be able to buy several with what you've got in it. Alternatively it may be just be one of the many that were lovingly personalized back in the 50's, 60's, & 70s after being brought back in a seabag or footlocker.
You can get up to speed on the Carbine by visiting sites like jouster.com, surplusrifles.com, warrifles.com, and, gunboards.com. If you want to understand its history better, try to find "Shots Fired in Anger" by Lt. Col. John George, "To Hell and Back" by Audie Murphy and also read many of the Medal of Honor citations available online for later in WW II, Korea, and the early Vietnam years.
A Carbine in good working order is a very deadly weapon within 200 yards. You will hear talk that the anything less than 30'06 is some kind of BB, the record does not bear this out. The Carbine was popular not just with our troops but was used by British Forces in Burma and Malaya, also Australian and Canadian troops (when they could get their hands on them). It well filled a certain niche and IMHO was superior to submachine guns due to superior range and accuracy.
Again, welcome to the Club and enjoy getting to know the "light, handy, and accurate" (per John George) M-1 Carbine - a weapon of the everyday American and Allied heroes living amongst us.