Old Gun, Lower Lugs Damaged?

I have on loan to me my mentors fathers Pistol. Upon taking it apart to clean it I noticed the lower lug on the barrel is fouled up. What is happenenig? The gun shoots very well and recoil in minimal. Very nice shooter. A little slow chambering the first round off the top of a 5 shot mag. But it works. And mag springs are heavy so it could be a separate issue. 

Link it too short so slidestop pin is battering the lower lugs.
Jon

If left alone what's to potential outcome? This gun built in the 50's.

Will keep getting worse. More you shoot the more it will batter. Every shot fired!
Jon

Definitely an old school build.