Roger, its without doubt an engraving cutter grinder. You should have a set of small shaped templates that fix to the cutter holder and allow you to create the correct cutting angles and tip size.If you use it then it may need a new white grit cup wheel. You can get diamond rubber bonded wheels as well.There should also be a small V shaped spanner for setting the cutters in the right position for grinding the angles.
It will grind the ends of small end mills up to about 6 mm dia. You will not get secondary relief though on the lip of the cutter only one angle. Again there should be templates for 2 flute end mils and 4 flute end mills.
It should run nice and quietly and smoothly, off hand grinding is not recommended. Use the jigs only as it is easy to pit the wheel.
I used one for 15 years and the engraving machine.
Clive