I'm assuming you know that is a woodworkers bench vise. It get bolted to the end of the bench so the jaws are just flush (maybe a little clearance) to the top of the table. Usually one edge is also flush with one corner of the bench.
Wood workers benches are thick, usually hardwood, and will have a series of hols in the top in line with the "Dead Bolt slide" a "bench dog" is put in an appropriate hols for the piece to be worked, and the dog slid up and the work piece clamped between the bench dog and the vise dog. (not sure if that is the "official" name for it...)
This type of clamping is very handy for planing, scraping and sanding, but of course for other jobs also.
Another thing the bench normally gets is a series of holes in the bench leg parallel to the vise jaws for a "second hand" holder peg to support the long end of a piece of wood.
No its not a good candidate for a stand alone vise. You lose so much of it's potential.
For the jaw pads, I'd stay with a hardwood, but something with a non splintery dense grain. (Not oak..)
For $5, especially for a nice name like Morgan, you definitely land in the Suckage club...