The Stanley 45 and the Record 405 were pretty much identical. They both came with straight cutters for grooves and rebates, beading cutters, T&G cutters and a combined moulding + rebate cutter for sash work. They are reasonably practical tools, but as with anything that has a set of options, some will be used a lot less than others (or never) and the time taken to swap from one mode to another is not negligible. They both had a main body (with a skate along the bottom like a plough plane) and an extra skate which slid on rods and could be set to width.
The Stanley 55 was a step up in complexity, as it came with the standard body + sliding section, but the skate on the sliding section could rise and fall. This made it possible to use a wider range of cutters for mouldings - eg ogees - where the shape is not symmetrical. (It also made it possible to set the skate in a wrong position when you just wanted it to be parallel.) It also had an extra skate - the 'auxiliary centre bottom' - which was needed for some shapes of rarely used cutter but often got lost.
There was a standard set of cutters that came with the plane, but you could also buy extra sizes and blanks to grind your own.
It's a wonderful monument to nineteenth century inventiveness, but is not as good as a workshop full of dedicated planes made to do a particular job - that's my opinion and also that of many others. It's no surprise that surviving examples are often in little used condition.