About all that gap is good for is a selling point when the lathe was sold.
Yeah, I know, it is usable when a larger swing lathe is not available. I guess I've always been lucky and had access to larger swing lathes in my past when needed.
Some good pointers at replacing the gap after it has been removed.
If not already done, add large edge chamfers to all holes, especially the tapped holes. This will eliminate the "mushroom" effect you get from holes when loads are applied to what's in them. Next, take a flat honing stone and some mineral spirits and hone all surfaces to remove any unseen burrs. Do this to both the bed and the insert. Once done, rinse off with mineral spirits. DO NOT DRY OFF using compressed air, just air dry. Should only take a few minutes. Spray all surfaces with Starrett M-1 or LPS-1. Please don't use WD-40! If you do, you will be kicking yourself in 5-10 years down the road for doing so! Last carefully slide the insert into place. Slide it back and forth to "ring it" in place. Install fasteners and torque evenly to all.
EDIT: Oops! forgot to add to the last before torquing fasteners, align way surfaces using a dial test indicator. If you have a test indicator that reads in tenths, use it! On the lubricant, if you like, use a good grade of oil, like a hydraulic oil ISO 46 instead of the Starrett or LPS. This will protect these surfaces from coolant damage and other elements over the years. Don't use way lube, its too thick and slippery!