This little M1 Carbine is the favorite of all my rifles, but the more I learn, the more I realized I really got screwed on this one. Appears to be so much corrosion on the bottom of reciever, its gone through to the spring (see pic). I'm assuming this receiver is junk. Would it be unsafe to fire in this condition. I have put about a hundred rounds through it before I discovered the worn area.
Corrosion
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As long as it functions ok the area you are concerned about isn't a problem. Remember one of the first issue related to carbine production was runout in deep hole drilling the spring tube which is why you had the early detachable housings. As I recall receivers were even salvaged when they had excessive runout by milling out the spring tube and converting them to the detachable kind. The only function that area has is to hold the recoil spring on the receiver which it appears to be doing. -

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