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The model 29 was replaced with the Model 29-A about 1938; this was a completely new design of action and not just an improvement. The checkering is standard but only became standard later in production - earliest checkered I have seen is about 124,000 serial and the highest about 145,000 but this is based on a very limited number & has a very high margin for error. There are some variations in the checkering, for instance your gun has the bottom of the forearm checkered and later ones didn't. The 'L' after your serial number is just a code showing the gun was Savage named - model 29 based 'house brand' versions made for different retailers had a 'K' suffix serial number. These letter suffixes were recorded in the factory ledgers, all later 29 actioned guns were serial numbered together so it is impossible to know the numbers of each based on serial numbers - your gun is serial number 124375 L, the next serial number 124376 possibly could have had a 'K' suffix and been a 'RANGER' of 'WARDS WESTERNFIELD' or something. The highest number I have recorded for any 29 actioned gun is 149926K and that is a 'SPRINGFIELD REPEATER' - this is a few thousand higher than any Savage named guns I have seen so these may have been for 29 parts clean-up as the 29-A's came out.

All model 29's had Octagon barrels, as did early 29-A 's - later 29-A's went to round barrels and this actually was before WWII, not after as many sources say.

Your gun was produced after Hi-Speed loadings become common but I would still suggest using just standard velocity if you plan to shoot it, I have seen a couple examples of guns with some damage to the locking surfaces on the bolt & receiver - but this might have happened recently from someone trying to shoot stingers or some other hyper-velocity load in them, but why take a chance.

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