It would be pure speculation on my part, but I would do some theorizing if I may. I often use such a device on a "homade" surface plate in my model work. I build model steam locomotives.(trains) Usually setting the level of a model boiler and attach the catwalks on each side. If I were to turn a boiler on the lathe, such a device could be used for a similar purpose, In reality, it wouldn't work because a loco boiler isn't round, just circular. But the idea applies. I would speculate there is something that was turned and needed a longitudinal line for its' length or a part thereof. Not much help, but it might get the creative juices flowing.
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