That tool has light cutters with slender and long cutting edges. That is fine for softer and easier cutting materials, and can leave a nice finish. If used on harder and tougher work, they can also flex quite a lot, making a worse finish and/or damaging or breaking the cutters. For harder and tougher materials, the cutters are usually made shorter and fatter, better supported for the tougher jobs they have to do.
You could regrind the blades on it to a more appropriate shape for metal cutting, but you would need to take care to ensure they were all cutting at the same distance from center. Bore the center and use it on a stub milling arbor. Don't know if it's worth that much effort, though, considering what you can get good used milling cutters for on Ebay.
It looks like a drop leaf cove cutter for a wood shaper. The matching cutter would be a drop leaf bead cutter. Together they make the joint where a fold down table leaf attaches to the main part of the table.
Give it a try, be extra careful, make sure you are out of the line of fire if the cutter blows up. I wouldn't think the cutter would blow up... but I would setup my work expecting it to.