In the late 1940's, this guitar sold for about $20 in the Sears mail order catalog (around $200 if adjusted for inflation today). The guitar has a maple body and spruce top. It is a really nice old guitar that has good sound and "vibe" to it so it is very worthy of repair.
On inspection, you can see that the company painted the guitar with a sunburst pattern as well as an artificial fiddle back pattern on the back and neck. You can see in this photo that the areas where the paint has been worn away show non-figured maple.
The stampings seen through the "f-hole" show that this guitar was made in the first half of 1947 (F 47).
Here is a view of the heel joint gap with a flashlight shining a light through it. The body was protected with masking tape and the joint was cleaned up with 220 grit sand paper.
A piece of .010 brass shim was made with a series of hole in it. This was loaded with Tightbond glue and the joint was filled with glue.
After thinking about the neck for a couple of weeks, my brother and I decided to work on the adjustable bridge. The high E string buzzed up the neck at the 15th position on up. Upon further inspection it was apparent the the notch in the saddle for the high E string was cut more deeply than the other notches. We deepened the other notches for the strings (even compensating for the B string) and set them to a 12 inch radius to match the fingerboard radius. This allowed up to run the saddle up a little bit to get clearance up the neck on the high E string. Now she plays well up and down the neck and we avoided a costly neck reset for the time being!