It is a neat item and someone took a fair amount of time to craft it. I suspect it was a fairly skilled wood worker that hollowed out two halves since they did not have long milling cutters to reach down inside a single block of wood. The latch assembly is pretty cool. I think you are correct that it was originally made for a Luger without a stock lug and bubba tried to make it work without success.
The receiver is post-1920 but the original Luger frame that is no longer with the holster would most likely have had to be one from before late 1913 when the stock lug became standard on nearly all Lugers.
I think it has limited collector interest as a custom made piece but it is not a high dollar item.
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If it's made after 1918...it's a reproduction
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