The proud wood is what the factory does so the stock can be refinished several times. That’s from when folks expected a shotgun to last 100 years. The wrist connection may be remedied by loosening the butt stock, repositioning, and tightening the square head bolt back up. The wrist isn’t “proud”, it’s slightly misaligned.
You will need 7/16 inch 12 point socket on a 25 cm or so extension for your socket wrench.
That’s real American walnut, but I agree the fitting is off compared to my 1946 M37 ultralight.
What is sad to me is that the roll engraving is omitted, as is the lovely bluing the old field guns have.
These are not my style of shotgun. My family grew up not far from the NY plant and the Northern parts of Pennsylvania still has many an old Ithaca. To see someone in Europe that thinks they are special is a real treat.