Well after a trip to the range, I'm moving the Meriden to the Ugliest Gun Thread, voluntarily. Fortunately I was able to tack the targets to the broad side of a barn, so I was able to hit something.
It functioned as well as I expected, so mechanically, it's OK. Unfortunately the sights were usless and, in full sunlight, are almost invisible. I ran 25 rounds through it and they all hit the paper. Just not at the point on the paper where I was aiming.
All in all, I guess for a 95 year old $1.98 pistol, it worked as well as expected. I'll clean it up, touch up any scratches and it'll wind up in a shadow box in my study.