Thanks guys. I am still working on the stem. The oxidation seems to have penetrated very deep. It has had 2 hour chlorine baths twice now, and multiple light sandings, and I think I finally have the worst of it out. Now to see if I can get the nice polished sheen back. If I decide to do any more projects like this I may have to invest in a proper bench buffing wheel. Doing it all by hand is definitely a chore.
As for how it smokes, the bowl is larger than I am accustomed to, so I have had to adjust my packing and tamping technique. The first bowl got a bit hot. I would pull and get no smoke, so I would put the match to it again. It took a while to realize that all i had to do was push the ash around a bit, and suddenly it would give smoke again! With lessons learned, the second bowl smoked like a dream. I have no idea what value this pipe has, but I like it and plan to keep it.