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The pictures help. Your gun has had at least some jeweling work done to it. (Maybe other work too; that can't be seen). Your slide and frame were from Essex, and were converted to Combat Master size by cutting down and welding. Those slides were not the longest lived, or the most reliable. So if your gun is working, I'd recommend you carry it much, but shoot it very little. Otherwise, the end play in the barrel to slide fit will eventually beat itself to death. Sorry to be the bearer of bad news, but that's the way it was back then. Also, it was not unusual for those slides, frames, and other parts, to come out of the bluing tanks with that magenta hue.
...Deeton