Very handsome, but dayum, what a lot of work to get there.
As to the historical basis, I didn't get into PPC until the mid-1970s, so I don't know what went before, but the four of us who shot together were THE ONLY Colt shooters at the state championships, which is as high as I ever got. We bought Pythons for the underlugged barrel which let us shoot in open events on a reasonably competitive basis with the Douglas barreled Smiths and then move on to Distinguished with the same gun. A Python with Elliason rear sight has JUST enough range of elevation adjustment for a head hold at 50 yards.
Oh, OUR Pythons don't "stack." I ran mine through the Colt Custom Shop for the Tedford action job and the "mechanically inclined" team member (actually a skilled hand tool gunsmith) copied the setup in the other three. They do require Federal primers, though.
Action tuning has advanced, though. A well set up Smith is better in double action than any of the five Pythons I know. I keep telling myself I ought to cash in and move on.
I've been reading about "tapered bores" for years, plus Colt advertising of ball burnishing. Hard to see how you could have both, but you say that they quit tapering sometime or another.
The old Police Marksman's Association that administered PPC before NRA got into the act once did a Ransom Rest test with a good grade of wadcutter. Contrary to legend, the S&W was the more accurate. Yeah, yeah, only one gun each brand, one lot of ammo, but the wonder snake did not win.