Depends on what you want it for.
If you're content to own it, to plink a little now and then, then leave it be.
If you want to make it a real shooter, perhaps even learn how to become a real shooter yourself using it, then you should get some basic smithing done -- throated, trigger job, tightened up here and there (tolerances improved), maybe better grips, and possibly even a new barrel (but only if you want tighter groups and intend to shoot a lot). A lot more can be done to a pistol, but you won't need it unless you want to compete -- and, frankly, real 'race guns' are often cranky little divas.
I spent many decades in the military and have put a lot of rounds downrange, mostly through pistols. If it were me, I'd at least have the Commander accurized a bit.
P.S. After rapidly scanning everyone else's advice, I must admit I've missed something. Before you consider any mods, I agree that you should run a 'few hundred' rounds through it. I've never accurized anything, personally, without putting at least 500 rounds through a pistol -- I like to diagnose the 'issues' before I go after 'em. Finally, those Busse-style grips (slabs, etc.) look awfully good to me...