What the heck is this?

A buddy asked me what this thing is. We know it is auto related but the tag is rougher than a stucco bathtub. You can read Automotive Equipment Co. and Freeport, Ill but I suspect there is more to the name that is now obliterated. Any idea what this is and who the manufacturer is? I believe it is valve related.

 

That's one of them flux generator aligner bushing reamer drill welder tools...

Actually I have no idea, and I have an odd collection of old automotive machine tools and the like in my garage. Hopefully someone who's not a smart@$$ like me will have a clue. It would certainly add to the display I would like to establish at a museum some day. (see my thread listed)

 

I'd post that on the main page... Maybe one of guys there can figure out what it is.....

 

it kind of looks like a little milling machine, but the vise are looks like it is meant to hold round items with that V block kind of shape. Judging by the pully and counter weight, i would say its meant to go up and down while running. Maybe some kind of rotary hone?