Tune the thing up and use it!!!! The wooden inlay means that someone either took the time to put a more durable piece of wood into the place they knew would wear down the quickest, or they loved that plane enough to take the time to do a good job replacing the piece of wood that often takes the "brunt" of wear. (although, it shouldn't have to).
Make sure the bottom of the plane is flat, work on the blade, and (I believe) the gap in the throat can be overcome by perfecting every other part of the plane. I think having a plane around 22-24 inches, and a plane that's 33-36 inches is imperative to woodworking.
But, again, this is just my opinion--- planes above 20 inches or so do not have to be "tuned" to perfection. Their purpose is to "cover a lot of ground" across a piece of lumber. As you progress to shorter and shorter planes, they have to be tuned up more precisely. For instance, once you get to using a block plane, you better have a blade that is in great condition, and ground to the right angle for the job (end grain).
Personally, I use a metal scraper after I go through all the hand planes I have. I use a piece of metal that looks like an index card. ..... any piece of metal will do. ... the art is learning how to put a small "hook" on it in order to take off the smallest of imperfections in your otherwise finished piece of wood.
I rarely use sandpaper anymore!!!
Although in between finishes I'll use a very fine grit of sandpaper to "rub out" any unwanted "bubbles" in the finish.
Well, all you wanted to know was information about that plane. I've gone on a "rambling" spree.
But, I'm the "resident rambler" for a reason
cheers, bird