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The rotating pin in the structure is threaded but the pin does not move out from the body....see below (edited)
1578960962330.png

So Bricycle may be correct in assuming when the handle is rotated, a cast form is pushed out...but what is the form?
 
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I think the wood part of this handle is gone, yes. The metal ring missing the wood handle remains and is a match to the main handle.....
 
i was thinking tool for mounting high wheel solid tires. crank to take up the wire slack.
 
It is a fixture for threading nuts - @bricycle who nailed it first. The opening is for cutting oil. The central rotating shaft would have an attached tool to cut the threads inside of the "blank" hexagonal nut inserted in the opening. The "turn" with an arrow stamped on it is for the new guy at the shop who does not own a clock..."What do you mean when you say turn it clockwise?"
 
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