In my honest opinion...which means very little I might add...and not to belittle the plane...I think its junk...at least as is.
Just by looking at the picture, I would say the mouth is extremely wide for the thickness of the blade, but the frog is what really scares me. Not a lot of mass there, and what little there is looks to be screwed down to the body of the plane instead of being a part of it. That creates two pressure points instead of being a monolithic hand plane frog...in other words, a plane prone to chatter. There just is not much for the blade to ride on, and what is there is not secured very well.
All is not lost however. You could tig weld the mouth of the plane and then file it back to make the plane take a smaller, better chip. While you got your welder out, you could tig weld the frog down and make it part of the plane body and reduce the chatter somewhat. You would have to lap the sole of the plane after all this welding was done, even if you welded it in a bucket of water to keep the heat warpage to a minimum. You would also have to refile the frog, but that probably needs to be done now. A final step would be to lap the chip breaker as well so it beds securely onto the blade.
While I was there, I might add a Hock or Lie Nielsen replacement blade since they are thicker and made out of better steel. (The Lie Nielsen blades are A-2 steel and cyrogentically treated to the -271º F standard) So are replacement blades from Highland Hardware.
So no all is not lost, but its quite a bit of work to turn a questionable plane into a high tuned one. But it could be done for someone that was inclined to do so.
I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"