Re: what do I have
You actually have a tenor sax not alto. This could be a great playing saxophone. You would want to have it looked over by a competent repair tech to assess any past damage or damage repairs. In particular, have them check for filed tone holes. If you're anywhere near St. Louis we'd be happy to look it over for you at no charge. Can't tell from the photos if its original lacquer or not. Its a post-rolled tone hole model 10M which doesn't have quite the same market potential as a WWII era 10M, but still a cool find!! Its most likely worth restoring. It should play with a big full sound and lots of character. Good Luck!!!