Yep, it’s a valve grinder. And that “V” groove on top of the head is for grinding the end of valve stems for tappet clearance. That grinder looks so old that it might be able to do Ford Model A valves? Model A valves had a mushroom headed stem and so will not fit into some of the newer grinding machines. Check yours out, it may be worth more than you think because of that feature…Good Luck, Dave.