In my considered but possibly worthless opinion, this rifle has already been someone's project rifle. The double handful of black and white spacers worked as a stock extension but failed badly in the "class" department. I really think someone had access to parts from enough old rifles that he thought he would just build himself a nice rifle. Well, he built a rifle and it would work but would have been better if he sold his buffer (assuming he did the buffing) and used the money to hire someone to install a decent extension. In reality, this may have just been an early step in someone's education toward quality work. A necessary step in that education is doing work then learning from non-judgmental critique of the work. Even the best had to start somewhere.
Mike