This looks identical to the insides of my Industry Brand S-2 pistol.
THe only difference is, your trigger return spring, is a better design than mine.
I took mine apart, deburred it, put some automotive Moly grease on the insides, then put the area where the barrel attaches to the fram in a vice, and cranked it, till it became tight to eliminate side to side motion. Then i took out the leather breech seal, and replaced it with an O-Ring (first, I debured the hole on the face of the frame that it lines up with.
I then drilled a hole on the front sight, and put a small socket head to be able to adjust the height of the front sight (the socket head is now my front sight).
I also recrowned the barrel using the brass screw and cutting compound+drill method. I also shortened the sear spring one coil, and polished the trigger/sear mating surfaces.
it now shoots OK. its a fun pistol for about 10 feet and I made a target using a spoon and some galvanized wire (it spins when you hit it), and my fiance and I can sit outside and shoot at the spoon for hours..and just have a ball.
so in all honesty, for 20 bucks, its a ton of fun, and it has paid for itself already.