It is a drill sharpener, found that online. I know nothing else about it. Blue Point is Snap-on tools, good tools in those days, more hit and miss now...
Looked on a website dedicated to Snap-on tools. The 1936 catalog indicated that it is a engine valve "refacer". I might repurpose it or sell it on flea-bay. It has a nice slide action that could be used to possibly grind a "four facet" drill point.
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