matthew: you have a pre-war Yugo/Checkoslovakian VZ-24 8x57mm rifle. It was probably a WWII bring-back since it doesn't have any import markings on it or possibly it was imported during the late 40s-60s, before (1968 and import markings).
The VZs are the choice of mil-spec wartime/pre-war productions and are known for their smooth actions. I have one very similar, if not nearly identical to yours, stock and all, except that whoever used a belt sander to try and remove the barrel cooling steps spent a beer or two too long on the barrel and although straight through on the bore the barrel looks warped - still though, she holds a very nice group with open sights at 100 yds.
Your choice of ammunition is Sellier and Bellot or PRVI, 8x57JS/7.92x57JS/8mm Mauser - both European made and loaded to original specs - great ammo and more than adequate for pretty much anything on the North American continent.
RE: restoration - yeah, if you want but as it is, the rifle is a excellent choice as a camp rifle or a go to rifle. All I would add to that rifle is a recoil pad to the stock - makes it a bit easier when sighting in at the range. By the way - excellent deal. Have fun.