Hello all....
I now believe the rig is for cutting screw machine cams. I had never even heard of a screw machine prior to this and would love to know a little more about them. Specifically about the cams and the requirements they must adhere to but also a general description of what they do and how they do it. Only by searching Screw machine cams did I find a picture of a similar cam cutter attachment. I am still a little sketchy on how the cams are to be formed without the rotation and the knee tied together. I can only guess that the dia. of cutter and relatively small increments of both knee and rotation creates negligible "stair stepping". These cams appear to be created form a flat disc. I wonder if its a roller affair that is used as a follower on the screw machine? At any rate thanks to all for your comments. Much appreciated. And thank you eugene13 for steering me in the right direction with your question.