Nice! How long is that bad boy? Looks dangerously close to 24", and I've never seen a later model Craftsman No. 8. If it's 22" then it is a No. 7, also not common.
Unless you just want to do a full restore I'd recommend just flattening it and cleaning, polishing and oiling everything else along with a nice sharpening of the blade. Really that plane looks to be in decent shape. I've had several that were rusted so much there was little left of the original paint.
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