A few extra photos on this advert from Amazon, where you can see the cam ring better

The description specifically refers to drill grinding; I assume the pegs slide up and down the cam/ramps, and are positioned according to the number of flutes. (I have 3 & 4 flute core drills.)
I have a similar, but much simpler item, where there are only two ramps, which are internal.
I’ve been looking for something similar, with instructions.
No brand name on mine, so it may have been made on a toolroom as a one-off.
When I bought it as a speculative purchase, I wondered if it might be designed for making two flute countersink bits.
It came without any means to hold a drill/mill, but I’ve temporarily used an adapted ER25 chuck I had spare.
I was eventually going to get on of the Sanou K13 II chucks with extended jaws, once I’d perfected how to use the gizmo on ER25.
Bill