Jostam Hy-Guns and Hawkins pads were very popular on guns made in the 1930's. Put one of those on and the LOP will be back to 14 or 14 1/4.
You asked what the 1 G 2 stamp on the back face of the barrel lump means. I have no idea.....that I have never seen before.
A remaining thin red spacer may evidence what is left of a Jostam sponge pad......they are seldom seen today . I believe the gun had this on it. They came in two and three layer variants:
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