I have that vise (or one very very similar to the one pictured), an ex-gf gave it to me in college a few years ago (along with some other really nice tying equip). I love it
!!! As for tying smaller flies, I tie size 20 dries on it all the time. I am also doing a job for a guy at work with 2\0 wolley buggers, so for me it encompasses any and all sizes of hooks. the jaw adjustment is easy, and I am not sure about the materials holder, but am pretty sure mine came with one, but it is removable, and I do not use it.