Okay I spent some time today going through Jim Tarr's book and comparing the description and serial # to known records. From what I can tell it is one of two guns, and I can't tell which. It wouldn't be the late 1880's gun with that serial number, that one's a Model 1878 which had a much more old-style frame somewhat cosmetically resembling a SAA. The two possibilities I think it is are below. Obviously it's been cut on, at least a little. Any more info on barrel markings, if visible, might help narrow it down.
New Pocket made in 1903
New Police .32 made in 1904
This is of course assuming the crane serial # is original.
New Pocket made in 1903
New Police .32 made in 1904
This is of course assuming the crane serial # is original.