Looks like some kind of adjustable throat? I like old tools... they're usually cheaper than the new junk you can buy.
But they do take a little work. Worst is the way they have been "sharpened" over the years. Once you get the right bevel back on the blade and get it wicked sharp, that should take care of most of it. Spoke shaves can be fussy to adjust, but once they're set and set up, you're good till it needs sharpening again.
Oh yeah, you might have to hone the sole a bit too.
But they do take a little work. Worst is the way they have been "sharpened" over the years. Once you get the right bevel back on the blade and get it wicked sharp, that should take care of most of it. Spoke shaves can be fussy to adjust, but once they're set and set up, you're good till it needs sharpening again.
Oh yeah, you might have to hone the sole a bit too.