After shooting my .30-40 for a dozen years, I can't tell you how many times I wished it had a recoil pad rather than the steel buttplate. Mine isn't checkered and can slip on my shoulder, just like most leather covered pads do. It is also slippery when placed on certain surfaces and was a constant worry when riding in the back of the truck while hunting in Namibia. I couldn't rest the butt on the pick-up bed, wouldn't stay put in the gun rack and I wound up resting it on the spare tire in a very awkward position. The bluing is mostly worn off of it (case colors would disappear in the first week). Even checkered they are slippery.
As for recoil, I don't like it and even the meak .30-40 will sometimes hurt if not placed perfectly on my shoulder when shooting from the bench.
Matter of fact, the only thing the rust blued, curved steel buttplate with a point at the heel is, is classy. If it hadn't been on there so long I'd saw it off and install a practicle recoil pad, probably a 5/8" red or black Pachmyr.

The stock blank looks great!