On a collectible gun, once you mess with the finish, start polishing and so on you usually decrease the value of the gun. Still a lot of Standards of that vintage around, so getting it re-blued is not going to harm its value at all.
As a do-it-yourself project, though, you're typically limited to cold bluing and that, at best, gets you a temporary blue job. Rubs off fairly quick. Cold blue is fine for touch up work, but doesn't produce the kind of results you'll want down the road.
I'd check with a local gunsmith or gun shop. Usually there is someone in the area setup to do hot blue and that's the kind of bluing that gets you back to a factory blue. Huge difference between the cold blue you get in a tube and hot blue in tanks, done by someone who knows what they're doing.
