@KA9FFJ
That is one ugly ass pipe--even looking past the condition it's in, it's still damn ooogly! Something about the finish and/or texture of it, I don't know. But I'll certainly be interested to see what you can do with it...if anyone can fix ugly, you can!

I used to have one of these before I smashed it by accident; anyway, this is a pretty good deal if anyone is interested. It's a handsome pipe and a great smoker for only $70; I think new it's about $110, so it's about 35% off new price. 

https://www.smokingpipes.com/pipes/estate/italy/moreinfo.cfm?product_id=527524

I found some rubber plugs that fit tightly in the bottom of the lighter body and around the flint tube.  I think they even have a little “clip in” spot for a spare flint.  I found them on EBay or Amazon, they weren’t very expensive and should be a lot less messy than petroleum jelly.  I would attest to their effectiveness, but I have not used a “normal” Zippo pipe insert in awhile.  I have the butane pipe inserts by Z-Plus.  Zippo and Thunderbird make soft flame as well.  My experience with Thunderbird is “they suck”, the Zippo brand ones I have not used.  I like the aesthetics of the Z-Plus.

Almost forgot, here's both sides of the stem and one pic showing paint spots...

Went to an antique store today for lack of something to do. Usually never buy anything at those places... Usually overpriced. 
Anyway,  I found an old Amphora-Holland 733 for 15 bucks. Definitely needs some tender love and care, but when I've completed working on it, I hope it will be a pipe most would like to have. 
I don't know when I'll get around to this project with Christmas and all, but here are some "before" pics...