Dont use it its work more on the shelf then it is in the water. It's a top water bait from early days, it shifts from side to side in the water looking like a wounded fish, It might be worth some money, a great way to check its value is look on ebay and look for the same lure or one like it, you well be supprised what some people well pay for it...DJ
Click here to see Makinen lures sold recently on ebay. It's not overly popular, apparently.
I used to collect old lures, and got $600 for one once that cost me nothing. If you find anything Heddon in original boxes, you might have something worth a lot. Same goes for anything Creek Chub and wood, Punkinseeds and wooden jitterbugs... there are rabid collectors of those out there.
Go to a book store and pick yourself up a copy of Old Fishing Lures & Tackle by Carl F. Luckey. I believe the 6th edition just came out. You'll find more information than you ever thought possible. Here's a link to Amazon.com for the book.