One thing to consider - this sweater is NOT knit on modern size 10 needles. A pattern calling for this particular yarn from the 1930s would be using the older "British" needle size system. In it, a 10 would be comparable to a modern 3.5mm, roughly the equivalent of a modern US #3. You can find a chart detailing the equivalences among the various needle size schemes here:
Also, if you're looking at the sweater I think you are, it may be an early version of the Three Hour Baby Sweater. Which speedy modern knitters can complete in about 3-5 hours of knitting time exclusive of finishing. Even if it is an adult sweater (which I find unlikely to be described as being able to knit in 3 hours on US #3s), do the math, dividing the stitch count by suggested gauge to get measurements. You may find that the piece (as is typical for vintage knits) is sized VERY small compared to modern garment sizes. You may need to redraft part of the pattern if you want to make something larger than a modern size women's #8.
Best of luck with this interesting project. I'll be reading along to follow your progres.