Thanks for the extra pictures.
The blade is definitely not the original blade. It must have been broken and replaced by someone who liked to tinker with knives. I've seen Forest Masters with the wrong blade before. I saw one with an Imperial blade in it last year on eBay.
Interesting choice for a donor blade. At least it was from a Colonial. They did a good job making it look similar to the original one.
The blade is older than the rest of the knife. Colonial trademarked this Ranger tang stamp in 1938. It was used through the 40's and possibly into the early 50's.
The Forest Master is from the 50's. Colonial called these handles black stagged. Anything imitation they put the ed on the end. Imitation stag was stagged, brass plated steel was brassed.
Something that stands out about these Forest Masters is the very thin metal used for the awl. Most Forest Masters have thicker awls. This also is the only black stagged Forest Master that the bottom of the handles are square instead of round like most.
I went through my Forest Masters and found one like it.
Below are the two variations of Forest Masters that use this thin awl. The top one is 60's and the bottom is 50's.
The bottom one is the same as yours.