The Standard Catalog of S&W notes that the postwar transitional variant of the .38/44 Outdoorsman was manufactured between 1946 & 1949 in the srial range S62490 to S75000 with 2326 manufactured. These are transitional models because they have pre world war II long action, the internal hammer block safety introduced in 1944 (hence the S for Safety prefix to the serial number) but they predate the current short action introduced in 1950.
The easiest way to tell a long action gun is by the long hammer spur, which your friends gun has. The dates match up as well.
the .38/44 in the name refers to it being a.38 caliber gun built on a .44 caliber platform. These were meant to shoot the .38 High Speed, a hot loaded .38 special round that was superceded by the .357 magnum. It should be safe to shoot with any modern .38 special ammo.
The grips appear to be original to the gun, the grip adaptor isn't.
In 2006 the Standard Catalog of S&W gave the following values for a transitional model: As new in box $1800, Excellent condition $1250, Very Good $600, Good $385.
Based on the oic the gun probably rates as very good to excellent.
THR member Peter M Eik may even be interested in purchasing it, IIRC he collects that model.
In 1957 the .38/44 Outdoorsman was designated the Model 23.
Short summary: Excellent house gun, safe to shoot. Bit large and heavy for carry. Rather valuable, so if your friend needs some cash he should sell it to a collector and buy a good used .38 special Model 10 or 64 for around $350 tops and pocket the rest. If he doesn't need the cash then he has a good house gun and an interesting conversation piece.