What to do with this???

Ok, I'll accept the wedge for the plane, The long straight tapered edge on the right side is usually a curve or slight wave on a ticking stick, but at least you all know now what a ticking stick is, in case one should come along, or you find that you need to make one. In certain situations, there isn't a better way. I've never seen a wooden wedge in a plane with that shape of plane iron before. The iron is usually the full width of the cutting edge for it's full length.

Those old lathes worked fine in their day and can still be great today. And, don't knock those old chisels. I have some I bought at a garage sale for $5.00 each and they are my best turning tools. No name, simply marked 'cast steel'. IMHO, they are better than a couple of the high priced famous name tools I bought.