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The first thing I would look for is a bent ejector rod or a too-small barrel/cylinder gap which makes it "coke-up" after a few cylinders full. You don't say when it turns hard, so I'm guessing it is when it is closed.
Grab the gun by its grip frame exactly opposite the normal way so that you are pointing it at yourself (unloaded of course!) Slowly cock the hammer with your index finger until the cylinder begins to move and then stop cocking it. The cylinder should now turn without stopping; keep turning it. Notice by sight if the ejector rod is bent or straight.
A Colt is not hard to clean/inspect by disassembling the cylinder, but you will need a vise and some rubber padding for the jaws. If you do not have the tools, skip this and get it to a gunsmith. If you want to tackle it yourself, you'll have to remove (unscrew) the ejector rod head in order to get the ejector rod back past and free of the cylinder. Then you can take it apart to inspect it.
Perhaps it has just seen some bad lube methods decades ago and is now slowing down due to old polymerizing oil.
Tommy
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