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What you guys have are "refurbished" or "re-arsenaled" M38s. In fact, the Russian arsenal workers who did the refurbishments did coat the rifles, sometimes very quickly and sloppily, with new shellac. You sometimes even see it on some of the metal parts as well.
Refinishing will very likely kill any collector value that it has. Considering it was already refurbished by the Soviets, the refurb finish is part of it's history. Russian/Soviet rifles were refurbed by the millions after WWII.
Interestingly, a non-refurb that looks absolutely terrible is often worth more than a refurb, if left in original condtion. I wouldn't worry about the finish. Leave it as is and consider it part of it's historical significance.
As far as current values, I've seen refurbed M38 rifles go anywhere from about $175-$225 lately. Sometimes a bit more. Depends on condition, arsenal of manufacture, and rarity of markings.
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