Is it for making bearing housings to really tight tolerances?

Cutting a slot or keyway for woodruff keys?

Not sure how that could be achieved on a lathe, really needs milled. That said, I have no idea how this item can work as a lathe - not sure how anything can be held in a way that would allow it it spin against the cutter. I’m either missing something, or the tool is.

    Gagaryn The only thing missing is the handle to attach and rotate the item being worked.

    Look at the ‘jaws’ in the second and third photo.

        Not for re-cutting drill bits in a hand drill which you clamp and then turn the handle to rotate the drill bit?

          Elcarajillo I assumed the jaws were flat as if to hold sheet metal…do they have a semicircular section on each jaw, so a round object can be held within them but still rotate?

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              I know I said cutting drill bits but more precisely sharpening them? or re-sizing them?

                Chuffin hell! You said I was warm before when I mentioned a drill!

                Now where’s the cat?… I need to kick something. (joke)