Michael from what I can see of the scale on the knurled part it seems to have evenly spaced divisions, if it were a height adjustment using an eccentric I would have expected each div to represent a measurement say 0.001" in which case they would need to have variable spacing. Also if adjusting height with an eccentric it would make the stop screw on the right of the bed redundant as you would get different length cuts at the cutter moved sideways as well as down. The even spacing of the divs suggests to me it moves the work/cutter in and out.
The handle looked too agricultural for fine work, I've only had a quick play with a Sixis 101 which had the lever feeds and they were far better quality.
And the lever action collet closer also suggested a need to quickly and frequently change what was being hels so again that made me thing repetition.
But as you say it could be repurposed in a number of ways especially if its selling for less than a rusty boat anchor
Wonder if that is a name cast into the main body?
J