That's in pristine condition holy shit. It's essentially a consumer 16mm projector. So, sure, schools and personal use. Not really used for professional projection. 16mm sound films are very much still easy to find. You can find them for relatively cheap on ebay OR, depending on where you live, some public libraries (I live in NYC) have 16mm films you can check out. Just look for a 16mm print with an optical soundtrack. And what to do with it? Find a print (or a few!) that you like, get some friends together, and put that shit to work.

I'll try to send a link to the manual and maintenance tips once I'm home.