I'm wondering if recovery from blindness, or other sensory impairments, would benefit from such a substance, if used correctly.
Yes, some animals (generally predators) have a critical period for developing sight. Unlike language, this is an easy faculty to test in animals. One could try this drug on cats that had been blindfolded during the critical period (a standard experiment).
NPR reports on a study giving volprioc acid to adults and training them on pitch (singing):
Brain plasticity is useful for a whole lot more than learning pitch. As the article notes it would be invaluable for training one's ear to pick up sounds of foreign languages, but also it seems reasonable to this commentator that high levels of plasticity during rationality training or other forms of self-development would result in more transformative results.