Here are some pictures of my M3 Greasegun.
Left side. Note that it uses the standard M1 Carbine sling and oiler.
Right side. Bolt forward. The ejection port cover, when closed, acts as the safety, whether the bolt is in the forward or retracted position.
Right side, bolt retracted. In this position, with the port cover open, the gun can be fired (with a full magazine) by pulling the trigger. (Like a Thompson, it fires from the open bolt.)
General comments:
The black paint on the OP's gun indicates that it was British Lend-Lease. That was the condition of my gun when I first laid eyes on it. I had it refinished (Parkerized) while waiting for ATF approval.
Regarding upgrades from the M3 to the M3A1, you can see that I have an M3A1 barrel and wire stock on mine. The M3A1 barrel has flats on the collar so that the wire stock can be used as a wrench, and the wire stock is modified so it can used as a magazine loader (the ends are tapped for brushes so it can be used as a cleaning rod). Of course I have the original parts as well. These changes are reversible.
Substituting an M3A1 bolt would require major butchery to the receiver (lengthening the ejection port). Not happening to a gun worth in excess of $20,000. (I happen to have an M3A1 bolt just for comparison.)