It doesnt cycle because Euro ammo is hotter than the shit made here. US ammo will not cycle a luger since they have too strong of springs in them. It either needs weaker springs, or just buy some Euro ammo for it.
If the work was done before ww2 it is worth it, but otherwise its maybe worth 800. Still a nice piece though. With lugers, stock is usually best. Or if its custom, the work done by a factory employee.