That's an Industar-26m, the standard lens on most FED-2 bodies; it's a Tessar type and can be pretty darn good.
There are a lot of fiddly little bits to make up for the absence of electronics, but it's a fairly simple camera on the whole. No slow-speed escapement system, which helps. That said, the one time I went into mine to try to fix the shutter tension, I made things worse rather than better...It will need a CLA, which I will tend to this week. I CLA'd my Kodak 35RF and I specialize in laptop repair so this should be simple as there are no electronics.
Yes, except for the concern about alignment differences between Soviet and "real" M39 focus threads. It shouldn't be a problem with wide-angle lenses, which means that you might think about something like the Voigtlaender wides as well as the fSU originals.One thing I have been a little confused on is the m39 mount. I know that there are m39 for Zenit SLR and for rangefinder, but do all m39 rangefinder lenses work on the FED-2? Was looking at the Industar 28 2.8 pancake, the 35 2.8 jupiter 12 and maybe the 50 3.5 leica clone.
I'm not sure what the Industar 28 is, but the Jupiter-12 is a seriously nice lens, or at least my sample is. You might want to play with that Industar-26m for a while before deciding if you need the 50/3.5 as well; I decided I really like one of my "stock" lenses and didn't need another normal.