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Early New Departure Mystery Gauge ?!?

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New Mexico Brant

Riding a '38 Autocycle Deluxe
Teens period mystery gauge, any ideas?

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Possibly for measuring a wear part or for the alignment of an assembly of some sort?
Could have been an assembly line tool or specific bicycle dealer tool.
Can you post views of the what I will call the "jaws" of the unit when opened to better study?
Is there any more stamped info under the arm as you show the unit closed such as the #308 ROUGH that is shown when not opened?
Thanks,
Mike Cates, CA.
 
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